IBL News | New York
Udemy Inc (Nasdaq: UDMY) recovered on Monday, November 1, with a jump of 6.25% to $29.05 after a failed IPO debut last Friday.
On Monday, November 1, Udemy’s stock grew above $29 of the IPO offer price, giving the company a market value of $4.02 billion.
San Francisco-based Udemy.com sold 14.5 million shares Thursday at the top of a marketed range of $27 to $29 to raise $421 million.
The company was valued at $3.2 billion in private investment last year.
Udemy’s revenue for the first six months of the year was $251 million, up from $201 million the year before. Its net loss narrowed to $29 million from $52 million a year ago.
Udemy provides online video courses across a variety of categories, including web development, marketing, and business. The company said it had more than 201 million course enrollments last year with over 44 million users globally.
In the risk-factors section of the prospectus, Udemy acknowledges that it’s in a highly competitive market, including Coursera Inc., Pluralsight Inc., and LinkedIn Learning.
Its corporate customers include Citigroup Inc., Jaguar Land Rover, PayPal Holdings Inc., and Box Inc.
Udemy’s biggest investor is Insight Partners, which with its affiliates owns more than 30% of the company’s shares after the listing. Other top shareholders, according to Udemy’s filings with the U.S. Securities and Exchange Commission, include MIH Edtech Investments, which is a unit of Prosus NV, and Norwest Venture Partners.
The real thrill of today is being part of a global team that’s truly passionate about the power of learning. We’re proud to spend each day helping people and businesses everywhere pursue their full potential. 🎉 pic.twitter.com/sqAqjCTeKR
— Udemy (@udemy) October 29, 2021
