Language learning app Duolingo increases its price bracket for IPO


July 26 (Reuters) – Duolingo Inc said on Monday it had raised the target price range for its U.S. IPO, a sign that investors are very interested in the language learning app’s shares.

The company said nearly 5.1 million shares will now be sold on the IPO at a price of between $ 95 and $ 100 each. He previously set the range between $ 85 and $ 95 per share. Duolingo could raise as much as $ 511 million on the IPO, and on a fully diluted basis, the value of the company would exceed $ 4.6 billion at the high end of the range.

About 1.4 million shares would be sold by shareholders, the proceeds of which would not go to the company.

With over 500 million downloads, the Duolingo app is the highest grossing app in the education category on both Google Play and the Apple App Store.

The Pittsburgh-based company has around 40 million monthly active users who learn 40 languages, including Irish and Hawaiian, for which the company says there are more learners online than native speakers.

Goldman Sachs & Co and Allen & Company are the main underwriters of the IPO. The company plans to be listed on Nasdaq under the symbol “DUOL”.

Report by Niket Nishant in Bangalore; Editing by Krishna Chandra Eluri

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