Carnegie Mellon-linked Duolingo raised $521m in an upsized offering and saw its shares rise 36% on their first day.
Duolingo, a US-based language learning platform developer based on research at Carnegie Mellon UNiversity, went public yesterday in a $521m initial public offering on the Nasdaq Global Select Market.
The company issued 3.7 million class A shares while its shareholders sold just over 1.4 million class B’s. They were priced at $102 each, above a $95 to $100 range already increased from $85 to $95.
Duolingo has listed using the ticker symbol DUOL and shares closed at $139.01 on their first day of trading yesterday.
Founded in 2011, Duolingo has built an app with 40 million monthly active users who can learn any one of 40 languages through the use of games. The platform uses artificial intelligence to assess each user and tailor the education to their abilities.
The company’s net loss rose slightly to $15.8m in 2020 but its revenue more than doubled…
