Laureate Education just became the first IPO of a company that's legally allowed to sacrifice profit in exchange for purpose, though the for-profit education industry has had a hard time finding any purpose at all. On February 1, Douglas Becker made history when he rang the opening bell of the Nasdaq. His company, Laureate Education, Inc.—the world’s largest for-profit college network, with more than 1 million students enrolled at over 200 campuses in 28 countries—had just launched an initial public offering. IPO filings happen every day, but this is the first public benefit corporation to ever be publicly traded. Laureate is listed on the exchange as LAUR and raised $490 million by offering 35 million shares at a price of $14, slightly lower than expectations. Benefit corporations are distinct from a traditional corporation. Rather than a singular focus on creating financial value, a benefit corporation is explicitly mandated to pursue positive social and environmental impact along
MADISON, Wis. — Gov. Scott Walker is renewing his push to eliminate the state board that regulates for-profit colleges. The executive budget Walker unveiled Wednesday calls for eliminating the Educational Approval Board by January 2018 and transferring its duties to the Department of Safety and Professional Services. The governor proposed getting rid of the board in his 2013-15 executive budget as well, arguing then that doing away with it would lift unnecessary financial and regulatory burdens on for-profit schools. Opponents countered that the board plays a key role in overseeing the schools and the Legislature's finance committee ultimately nixed the idea as it revised Walker's budget. The board's executive secretary, David Dies, didn't immediately respond to messages seeking comment on the new proposal.