Duolingo Inc said on Monday it aims to be valued as much as $3.41 billion in its U.S. initial public offering, as the language-learning app maker seeks to cash in on rapidly rising interest for online education tools during the COVID-19 pandemic.
About 5.1 million shares will be offered in the IPO, priced between $85 and $95 each, which would rake in more than $485 million at the top end of that range.
On a fully diluted basis, which includes securities such as stock options and restricted stock units, Duolingo would be valued at $4.38 billion at the maximum price. Nearly 1.4 million shares will be offered by the selling stockholders, proceeds from which will not go to the company.
Read more/Source: Reuters
