Cengage Group is exploring an initial public offering that could raise around $500 million. The educational technology company counts private equity giants Apax Partners and KKR & Co. among its financial backers, according to people familiar with the deliberations.

A successful IPO would provide a major liquidity event for its private equity owners and allow Cengage to fund further growth in the competitive digital learning market. The company, known for its textbooks and online course platforms, faces ongoing pressure to innovate as schools and students increasingly adopt digital tools.

Timing for a public listing remains fluid and would depend on market conditions. Investors will watch how Cengage positions itself against rivals like Pearson and Wiley. An offering would test investor appetite for education stocks after a turbulent period for the sector.