Baltimore-based Laureate Education Inc., the largest for-profit college network in the world, filed for an initial public offering Friday.
The company used a $100 million placeholder, an amount used to calculate registration fees that may change, according to a filing with the U.S. Securities and Exchange Commission.
Laureate’s network includes 88 online and campus-based institutions in 28 countries around the world and has more than a million students; the network’s 2014 revenues were $4.4 billion, according other filings.
Ninety-three percent of Laureate students are enrolled in multiyear, campus-based degree programs, with two-thirds of its students in programs lasting four years or longer, according to the filing.
Former U.S. President Bill Clinton served as honorary chancellor of the Laureate International Universities network from 2010 until April 2015, and the network has partnered with the Clinton Global Initiative on several initiatives starting in 2008. Clinton was reportedly paid more than $16 million for his work with Laureate.
Laureate was taken private in a management-led $3.8 billion buyout in 2007, backed by an investor group including KKR & Co. and Citigroup Inc. Three years ago, the company pursued an IPO, which never materialized, people familiar with the situation said at the time.
Since going private, Laureate has expanded into 11 countries, added more than 100 campuses and increased enrollment from about 300,000 to over 1 million, according to the filing.
The company had been interviewing banks for a $1 billion IPO in the U.S., people with knowledge of the matter said in April.
Credit Suisse Group AG, Morgan Stanley, Barclays Plc, JPMorgan Chase & Co., BMO Capital Markets, Citigroup, KKR and Goldman Sachs Group Inc. are managing the offering.
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