Language learning app Duolingo targets over $ 3 billion valuation when it goes public in the United States

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Adds IPO raises details

July 19 (Reuters)Language learning app Duolingo Inc said on Monday that it aimed to be valued at up to $ 3.4 billion when it goes public in the United States.

About 5.1 million shares will be offered at the IPO, priced between $ 85 and $ 95 each, which would net more than $ 485 million at the top of that range.

Almost 1.4 million shares will be offered by selling shareholders, the proceeds of which will not go to the company.

Duolingo was last valued at $ 2.4 billion after a $ 35 million investment from Durable Capital Partners and General Atlantic in November.

Duolingo, headquartered in Pittsburgh, was founded in 2011 by engineers Luis von Ahn and Severin Hacker, who met at Carnegie Mellon University.

The company’s flagship app has over 500 million downloads and is the top-grossing app in the education category on Google Play and the Apple App Store.

Goldman Sachs & Co as well as Allen & Company are the main underwriters of the IPO. The company plans to start trading on the Nasdaq under the symbol “DUOL”.

(Reporting by Niket Nishant in Bangalore; Editing by Ramakrishnan M.)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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