Duolingo Targeting $3.4B IPO Stemming From Online Learning Boom: Reuters

July 19, 2021 2:37 PM | 1 min read | Make a Comment

Language-learning app maker Duolingo Inc DUOL is aiming for a $3.41 billion U.S. initial public offering to tap the pandemic-driven growing demand for online education tools, Reuters reports.
It plans to raise over $485 million by offering 5.1 million shares between $85 -$95 per share.
The valuation could stretch to $4.38 billion on a fully diluted basis.
Duolingo has 40 million monthly active users learning 40 languages, including Irish and Hawaiian.
It plans to start trading on the Nasdaq under the symbol "DUOL."
Goldman Sachs & Co and Allen & Company are the lead underwriters for the IPO.
With over 500 million downloads, its app is the top-grosser in the education category on both Alphabet Inc's GOOG GOOGL Google Play, and Apple Inc's AAPL App Store.