Edutech company Udemy fell 5.2% on Friday after making its stock market debut with an IPO of $29 per share. The company’s share price was listed at $27.50 as the markets closed on Friday evening, giving Udemy a valuation of $3.8 billion.
The San Francisco-based massive open online course provider raised $421 million on its public debut after selling 14.5 million shares. With a fully diluted value of more than $4.3 billion, Udemy was valued at $3.3 billion during a private investment round last year.
Out of almost 200 new IPOs in excess of $200 million in 2021, Udemy is one of 34 listings in which the stock closed at a lower value than the initial offer price.
Despite its underwhelming public debut, Udemy has done well to stabilize itself financially since the pandemic outbreak. The company’s total revenue for the first six months of 2021 is $251 million, a significant rise from the $201 million of the previous year. Its net loss decreased from $52 million in 2020 to just $29 million this year.
The provider of educational courses covering a variety of disciplines, Udemy has amassed over 201 million course enrollments last year from 41 million unique subscribers globally.
