PITTSBURGH — Duolingo Inc. is expected to begin trading on Nasdaq Wednesday under the ticker symbol DUOL, and the Pittsburgh-based language learning app raised the pricing per share to between $95 and $100, according to a filing with the U.S. Securities and Exchange Commission, starting $10 higher than the original pricing.
The company is selling 5,106,113 shares of Class A common stock. That includes 1,406,113 offered by some of its existing stockholders; Duolingo will not receive any proceeds from this.
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Duolingo expects to receive net proceeds from this offering of approximately $335.9 million — or $406.2 million if the underwriters exercise their option to purchase additional shares of Class A common stock in full, based upon an assumed IPO price of $97.50 per share, according to the filing.
Pittsburgh Business Times