Udemy prepares for IPO that could raise as much as $484M – Silicon Valley Business Journal – Silicon Valley Business Journal


Udemy Inc. is nearing its public debut.
The San Francisco startup Wednesday set a price range for its initial public offering, which is expected to happen next week. At the top of its range, the online education company would raise $484 million and have an initial market capitalization of nearly $4 billion.
The company’s venture backers valued Udemy at around $3.3 billion as part of its Series F round a year ago.
Udemy plans to sell 14.5 million shares for between $27 and $29 each. It intends to set aside 2.2 million shares for its underwriters to buy. Caledonia Investments has said it intends to purchase $75 million worth of shares, or about 18% of what Udemy is selling.
Insight Partners is Udemy’s biggest shareholder going into the offering, with a 34% stake in the company. Other big stakeholders include MIH Edtech Investments B.V., with a 13.9% stake; NorWest Venture Partners, with 10.1%; and private equity firm Stripes, 5.6%.
Udemy plans to list its shares on the Nasdaq under the symbol UDMY.
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