Duolingo, an online language learning platform, announced terms for its IPO on Monday.
The Pittsburgh, PA-based company plans to raise $460 million by offering 5.1 million shares (28% secondary) at a price range of $85 to $95. At the midpoint of the proposed range, Duolingo would command a fully diluted market value of $4.1 billion.
Duolingo states that it is the leading mobile learning platform globally with over 500 million downloads, and it is the top-grossing app in the Education category on both Google Play and the Apple App Store. Duolingo offers courses in 40 languages to approximately 40 million monthly active users.
Duolingo was founded in 2011 and booked $189 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol DUOL. Goldman Sachs, Allen & Company, BofA Securities, Barclays, Evercore ISI, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
The article Say something: Language learning platform Duolingo sets terms for $460 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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