Bridgepoint Education Inc's BPI.N initial public offering priced at $10.50 per share, below its estimated range of $14 to $16, a source with knowledge of the deal said on Tuesday.
Bridgepoint, a San Diego-based operator of online and campus universities, sold 13.5 million shares, raising $141.75 million, the source said. The company had estimated its IPO could raise as much as $216 million.
About 81 percent of the shares sold were held by private equity firm Warburg Pincus.
The underwriters, led by Credit Suisse (CSGN.VX) and JP Morgan (JPM.N), have the option to buy up to 2.025 million shares additional shares to cover over-allotments.
The company plans to list on the New York Stock Exchange under the symbol "BPI" and begin trading Wednesday
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