Online learning platform Coursera jumps on US stock market debut
Shares in online learning company Coursera surged by almost a fifth following their debut on the New York Stock Exchange today, valuing the company at more than $5bn (£3.6bn).
Coursera, which offers online courses from top universities and companies, opened at $39 per share this afternoon — 18 per cent above its IPO price of $33.
The positive debut means the company’s valuation has doubled since its last funding round in July, according to data from Pitchbook.
The California-based firm priced 15.7m shares at the top of its price range, raising roughly $519m. Around 1.1m shares were offered by selling stockholders.
Coursera’s float is the latest in a string of successful US IPOs for tech firms that have benefited from the pandemic.
The company’s platform, which is used by more than 3,700 institutions offering a range of courses, has enjoyed improved trading as people looked to learn new skills during the pandemic.
It also launched a new service allowing educational institutions to offer courses to students forced to stay at home.
Coursera’s opening performance contrasted with a disastrous London debut for Deliveroo, which closed down 26 per cent today on its first day of trading.
Around £2bn was wiped from the delivery platform’s valuation in what had been hailed as a blockbuster float for the capital.
Analysts pointed to the high price tag placed on the float, as well as concerns about the firm’s route to profitability and working conditions for its riders.
Morgan Stanley, Goldman Sachs and Citigroup were among the underwriters for Coursera’s IPO.