Shares of education tech company Coursera opened at $39 apiece in its market debut Wednesday on the New York Stock Exchange…
On Tuesday, Coursera (COUR) priced its 15.73 million shares at $33 apiece — the high end of its initial $30 to $33 target range. In its offering, the company raised nearly $520 million at an implied $4.3 billion valuation.
Shares were up about 18% after it opened, giving the company a market cap of roughly $5.13 billion. Coursera was last valued in the private market at $3.6 billion, according to PitchBook.
Founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, the Mountain View, California-based company offers individuals access to online courses and degrees from top universities, a business that has boomed throughout the Covid-19 pandemic.
Revenue last year jumped 59% to $293 million. Still, Coursera’s net losses widened to $66.8 million from $46.7 million in 2019 as the company said it added over 12,000 new degrees for students over the last two years. Total registered users grew 65% year over year in 2020.
″[When] we started back in 2012 with Andrew and Daphne, it was sort of B2C — put some courses up and see who from around the world wants to come … [since then] 77 million individuals came to Coursera.org; 30 million during the pandemic,” CEO Jeff Maggioncalda said on CNBC’s “Squawk Alley” Wednesday morning before shares started trading.
“We do see a post-pandemic world that’s going to have a whole lot more online learning as part of it,” he added. “Almost every student was forced to learn online. Almost every teacher was forced to teach online. This huge forced experiment was tough in some regards, but it also introduced a new way of learning that’s being embraced for the affordability, the quality, and the convenience.”
Maggioncalda joined the company as CEO in…
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