Duolingo enters ‘major leagues’ with $6.5 bln valuation in strong debut – Reuters

Duolingo enters ‘major leagues’ with $6.5 bln valuation in strong debut – Reuters

July 28 (Reuters) - Language learning app Duolingo Inc (DUOL.O) notched a valuation of $6.5 billion after its shares surged nearly 40% in the company's Nasdaq debut on Wednesday, becoming the latest education technology startup to impress Wall Street.

Duolingo's stock opened at $141.4 per share, blowing past the initial public offering price (IPO) of $102 per share, which crossed the top end of its target range. The stock later pared some gains to trade at $130.92 in the afternoon.

The company's flotation comes at a time of increased investor interest in the edtech space, after pandemic restrictions sent students and teachers from the classroom to the web.