November 27, 2009 (FinancialWire) — Archipelago Learning, Inc. (NASDAQ: ARCL) announced the closing of its initial public offering of 7,187,500 shares of its common stock at a price of $16.50 per share. The company sold 3,125,000 shares in the offering, and the selling stockholders sold 4,062,500 shares, including 937,500 shares sold to the underwriters by the selling stockholders at the initial public offering price pursuant to the underwriters’ exercise of their overallotment option in full.

The company will not receive any of the proceeds from the sale of shares by the selling stockholders.

BofA Merrill Lynch and William Blair & company acted as joint book-running managers for the offering. Robert W. Baird & Co., Piper Jaffray and Stifel Nicolaus acted as co-managers for the offering.

A registration statement relating to these securities has been filed and declared effective by the Securities and Exchange Commission.

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