As per the latest report, Duolingo has announced that it is going to go public. Therefore, the platform has already started making preparations for the launch of the initial public offering (IPO). Duolingo is a platform that deals with learning languages.
Duolingo reportedly filed the request for the approval of the initial public offering on Monday, July 19, 2021. In the filing, the language learning platform has outlined the terms that it is going to have and follow throughout the public offering process.
According to the reports, the request for the approval of the initial public offering has been filed at the Securities and Exchange Commission (SEC). In the filing, the firm has announced that it is going to launch 5.1 million shares in the initial public offering. Out of the total shares, 1.4 million shares would come from the selling holders.
As of now, Duolingo has also shared the estimated price of the shares they are aiming to set. The firm has revealed that the share price for Duolingo will be set between $85 and $95. With the shares and the prices in place, the company is aiming to generate between $433.5 million and $484.5 million from the initial public offering.
The company has revealed that the proceeds it gathers from the offering would value the company at a capitalization of $3.4 billion. It was back in November of 2020 when the company had shared its valuation report. In the report, Duolingo had revealed that the market valuation of the company was at $2.4 billion.
The company had reportedly shared the results of its valuation following an investment from the major investors. Some of the major investors in the investment round held back in November were General Atlantic and Durable Capital Partners. According to the company, the major investors had collectively invested $35 million in the company.
In the filing, Duolingo has also expressed its intentions of launching its initial public offering through the NASDAQ stock exchange. The company will reportedly be launching its IPO with the ticket DUOL.
At present, Duolingo has coverage all over the world and it is known for offering a large number of courses in several languages. According to the company, it currently provides support in 38 languages, in which it has offered 95 courses for the users.
Duolingo was reportedly founded back in August of 2011. The idea of the company came to existence when two engineers, Severin Hacker and Luis von Ahn met with each other. According to both the engineers, they met with each other at the Carnegie Mellon University.
As of now, the company has over 40 million active users registered with the company as per monthly subscriptions. Once the company goes for the IPO, it would eventually experience a surge in its stocks prices.
