Duolingo, an online and mobile language learning platform, raised $521 million by offering 5.1 million shares (28% secondary) at $102, above the upwardly-revised range of $95 to $100. The company had originally filed to offer the same number of shares at a range of $85 to $95, before it increased the range on Monday. At pricing, Duolingo raised 13% more than originally expected.
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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 operates a freemium model, and approximately 5% of monthly active users are paid subscribers of Duolingo Plus.
Duolingo plans to list on the Nasdaq under the symbol DUOL. Goldman Sachs, Allen & Company, BofA Securities, Barclays, Evercore ISI, and William Blair acted as joint bookrunners on the deal.
