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Laureate becomes public company again, raising $490 million

Laureate becomes public company again, raising $490 million

Laureate Education, a Baltimore-based company that owns and operates universities around the world, became a public company again on Wednesday, raising about $490 million in its initial public offering.

The firm sold 35 million shares to investors at a price of $14 each, moving forward with plans that had been in the works since the fall of 2015. The stock fetched a lower price than the $17 to $20 the firm had hoped for and slumped further during its first day of trading on the Nasdaq exchange, closing at $13.25.

The offer pricing and initial activity disappointed CEO Douglas L. Becker, but he said he was pleased the firm had been able to raise as much as it did.

The...

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