The owner of the university of Phoenix saw โขits valuation surge to โ$1.35 billion โขon Thursday as โฃshares jumped in their debut on the New York Stock Exchange.โ Apollo โฃGlobal Management Inc. shares rose as high as $9.50, a nearly 20% increase from the initial public offering priceโฃ of $8, following the spin-off of the for-profit university.
The debut reflects investor confidence in Apollo’s strategy to separate its retirement services and benefit governance businesses from the University โof Phoenix. The move aims to โขunlock value and addressโ concerns โaboutโค the university’s reputation and financial performance, which have been plagued by regulatory scrutiny and declining enrollment in recent years. The university now operates as an independent, publicly traded โฃcompany under the ticker symbolโค “PHNX.”
