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Duolingo prices IPO above expected range ahead of Nasdaq debut

Duolingo Inc has priced its initial public offering (IPO) shares above the expected range ahead of its debut on the Nasdaq later today. The language learning app, which offers courses in around 40 languages and reported just under 40mln monthly active users (MAUs) in the first quarter of 2021, confirmed it will sell its IPO shares for US$102 each, above the range of US$95-US$100 announced on Monday which itself was increased from the initial range of US$85-US$95. Duolingo is planning to offer 5.1mln shares through its IPO, raising around US$520mln which will give it a market valuation of US$3.4bn. In its IPO filing, the company said it will use the proceeds of the fundraising for working capital as well as to “acquire or make investments in businesses, products, offerings, and technologies”.