Laureate Education just became the first IPO of a company that's legally allowed to sacrifice profit in exchange for purpose, though the for-profit education industry has had a hard time finding any purpose at all. On February 1, Douglas Becker made history when he rang the opening bell of the Nasdaq. His company, Laureate Education, Inc.—the world’s largest for-profit college network, with more than 1 million students enrolled at over 200 campuses in 28 countries—had just launched an initial public offering. IPO filings happen every day, but this is the first public benefit corporation to ever be publicly traded. Laureate is listed on the exchange as LAUR and raised $490 million by offering 35 million shares at a price of $14, slightly lower than expectations. Benefit corporations are distinct from a traditional corporation. Rather than a singular focus on creating financial value, a benefit corporation is explicitly mandated to pursue positive social and environmental impact along