Online learning provider Phoenix Education Partners on Friday filed for an initial public offering in the United States, as the IPO market continues to heat up.

The Phoenix, Arizona-based company joins a growing number of large corporate issuers gearing up for potential IPOs this fall, as the new listings market is set to emerge from its seasonal August lull.

Certain existing Phoenix Education stockholders will sell shares in the offering.

The company, backed by alternative asset manager Apollo Global Management, reported a net income of $118 million in the nine months ended May 31 on revenue of $750 million, compared with net income of $105 million on revenue of $710 million a year earlier.

Phoenix Education provides online programs for working adults in the U.S. through its subsidiary, University of Phoenix, including undergraduate, graduate, certificate and nondegree options.

Founded in 1976, the private, for-profit university is one of the largest online education providers. It currently offers 72 degree programs, which contributed a large chunk of revenue in 2024, and 33 certificate programs across various disciplines.

The company’s predecessor, Apollo Education Group, was taken private in 2017 in a $1.1 billion deal by a consortium, including investment firm Vistria Group and Apollo.

The listing will also come months after the successful New York flotation of Apollo portfolio company Aspen Insurance , which is now set to be acquired by Japan’s Sompo .

Morgan Stanley, Goldman Sachs, BMO Capital Markets and Jefferies are the lead underwriters for the offering. Phoenix Education will list on the New York Stock Exchange under the symbol “PXED”. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)