The owner of the university of Phoenix saw its valuation surge to $1.35 billion on Thursday as shares jumped in their debut on the New York Stock Exchange. Apollo Global Management Inc. shares rose as high as $9.50, a nearly 20% increase from the initial public offering price 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 of Phoenix. The move aims to unlock value and address concerns about 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 company under the ticker symbol “PHNX.”
