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Online learning firm Udemy targets nearly US$4 billion valuation in US IPO

Udemy Inc, which has grown rapidly over the past 18 months as demand for online learning surged during the pandemic, on Wednesday set terms for its initial public offering in New York, targeting a valuation of up to US$4 billion from the share sale.

The company is the latest in a string of online education firms looking to cash in on the demand for new listings in the U.S., after Coursera Inc and Nerdy Inc went public earlier this year.

San Francisco-based Udemy is looking to raise up to US$420.5 million at the top end of its price range of US$27 to US$29 per share, according to a filing.

The company, which provides over 183,000 courses in 75 languages across more than 180 countries, earlier this year launched a direct-to-consumer subscription that is still in beta testing mode.

Morgan Stanley and J.P. Morgan are the lead underwriters for the offering.

Udemy plans to list on the Nasdaq under the symbol "UDMY".

(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Ramakrishnan M. and Shounak Dasgupta)

Source: Reuters

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