Corinthian Colleges Inc., one of the largest operators of for-profit career-oriented colleges in the U.S., raised $48.6 million Thursday in an initial stock sale.
The Santa Ana-based owner of vocational schools sold 2.7 million shares at $18 each, the top of the $16 to $18 price range set by Salomon Smith Barney Inc., which handled the sale.
The sale gave Corinthian Colleges a market value of about $186.2 million, based on 10.3 million shares outstanding. Corinthian Colleges will trade under the symbol "COCO" on the Nasdaq stock market.
The company said it planned to use the bulk of the proceeds to repay debt, mainly from Corinthian's acquisition of Phillips Colleges Inc. in Gulfport, Miss.