Duolingo: This Wednesday (28), Duolingo — a language teaching platform — opened its Initial Public Offering (IPO) on the New York Stock Exchange (Nasdaq), becoming another publicly traded company. Its narrow rose sharply with a 40% growth in shares, sending the company valued at $6.5 billion.
The shares — under the code ‘DUOL’ — opened at $141.4 each, surpassing the $102 of the IPO, which was already above the estimated average. With the sale of about 5.1 million shares, Duolingo raised about $521 million on its first day.
In a press release, the company says that “as a publicly traded company, Duolingo will have the resources and visibility to continue hiring the best talent on the planet, as well as increasing the team to support its development”.
The platform showed a growth of 129% of its revenue in 2020 compared to the previous year. With over 500 million downloads, the app features 100 courses in 40 different languages and recently announced its language teaching podcast.