Houghton Mifflin rises on Nasdaq after $219M IPO

AP News
Posted: Nov 14, 2013 11:06 AM

NEW YORK (AP) — Shares of textbook publisher Houghton Mifflin Harcourt are climbing Thursday after an initial public offering raised $219 million.

In the IPO, nearly 18.3 million shares priced at $12 each, below the projected range of $14 to $16 per share.

Boston-based Houghton Mifflin filed for Chapter 11 in May 2012 after reaching an agreement to eliminate $3.1 billion of its debt. It emerged from bankruptcy protection a month later.

The shares in the IPO were sold by existing stockholders, including hedge fund manager John Paulson's investment firm, Paulson & Co. Houghton Mifflin Harcourt Co. won't get money from the IPO.

The stock, trading on the Nasdaq under the "HMHC" ticker symbol, is up 27 percent to $15.22 in morning trading.