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APEI Offering Fetches Higher Price, Shares Up 70%

Shares of American Public Education rose as much as 70 percent on Thursday, a day after an initial public offering that priced above expectations.

Shares opened at $30.21, which was $10.21 higher than the company's $20 per share IPO price.

On Thursday, American Public's 4.7 million shares sold for a dollar higher than the top end of a forecast range of $18 to $19, which had been raised from $15 to $17.

The company, based in Charles Town, W.Va., provides online post-secondary education to military and public service communities.

Underwriters, led by William Blair, have the option to purchase an additional 700,000 shares to cover overallotments.