Duolingo, an online language learning platform, raised the proposed deal size for its upcoming IPO on Monday.
The Pittsburgh, PA-based company now plans to raise $498 million by offering 5.1 million shares (28% secondary) at a price range of $95 to $100. The company had previously filed to offer the same number of shares at a range of $85 to $95. At the midpoint of the revised range, Duolingo will raise 8% more in proceeds than previously anticipated.
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. The company does not put its learning content behind a paywall, but learners are able to purchase its premium subscription, Duolingo Plus. As of 3/31/21, approximately 5% of its monthly active users were paid subscribers of Duolingo Plus.
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.
