(Reuters) -U.S. publisher McGraw Hill was valued at $3.25 billion and its shares opened at par in their New York debut on Thursday, hinting at a mixed response from investors in the IPO market.

(Bloomberg) -- McGraw Hill Inc. shares were flat after the company raised $414.6 million in its US initial public offering. Shares of the education tech firm closed at $17 each on Thursday in New York, the same as the IPO price. The offering of 24.39 million shares was marketed in a range of $19 to $22 each.

McGraw Hill aims for a $4.2 billion valuation in its IPO, planning to raise $537 million to repay debt and expand its educational publishing business.