Udemy, an online education marketplace offering user-generated courses, raised $421 million by offering 14.5 million shares at $29, the high end of the range of $27 to $29. At pricing, the company commands a fully diluted market value of $4.4 billion.
Udemy operates a two-sided marketplace where its instructors develop content to meet learner demand. Courses can be accessed through its direct-to-consumer or Udemy Business offerings, and address learning objectives such as reskilling or upskilling in technology and business, enhancing soft skills, and personal development. The company's platform provides over 44 million learners with access to over 183,000 courses in 75 languages and over 180 countries. Since inception, more than 73 million users have registered with Udemy.
Udemy plans to list on the Nasdaq under the symbol UDMY. Morgan Stanley, J.P. Morgan, Citi, BofA Securities, Jefferies, and Truist Securities acted as lead managers on the deal.
