UPDATE 2-E-learning company Udemy valued at $ 3.7 billion when it debuted in the market


(Add context to the IPO market)

October 29 (Reuters) – E-learning company Udemy Inc, which has grown rapidly over the past year due to increased demand for e-learning, was valued at 3.7 billion dollars after its shares opened 7% below the offer price when they debuted on the Nasdaq on Friday. .

The San Francisco, Calif.-Based company is the latest in a series of online education businesses that have gone public this year, joining Coursera Inc and Nerdy Inc as they seek to capitalize on demand during the COVID pandemic. -19.

However, some recent hiccups in the US IPO market have forced hopes that NordicTrack owner iFIT Health & Fitness Inc and Allvue Systems Holdings took off their listings earlier this month. Both companies cited unfavorable market conditions to delay their sales of shares.

Udemy shares opened at $ 27, down from the initial public offering price of $ 29.

The company launched a direct-to-consumer subscription earlier this year, an offering that is still in beta testing mode. Its corporate training offering, Udemy Business, PayPal Account Holdings Inc, Citigroup Inc, Jaguar Land Rover and Tata Consultancy Services among its clients.

Udemy, which offers 183,000 courses on its platform in 75 languages ​​in 180 countries, competes with Pluralsight, Skillsoft Corp and LinkedIn Learning for its in-house training activity and with Coursera and edX in its mainstream market.

On Friday, the company sold 14.5 million shares at the highest price in an earlier announced price range, raising nearly $ 421 million.

Morgan Stanley and JP Morgan are the main subscribers of the offer. (Reporting by Niket Nishant and Manya Saini in Bangalore; Editing by Shailesh Kuber)

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