SAN FRANCISCO — Oct. 20, 2021 — Online learning platform Udemy set terms for its initial public offering (IPO) this Wednesday, targeting a valuation of almost $4 billion, based on the 137.4 million shares expected to be outstanding after the deal closes.

This expected market price is a modest bump in worth for the company, which was last valued at $3.2 billion.

San Francisco-based Udemy, which plans to list on the Nasdaq under the symbol “UDMY”, will offer 14.5 million shares priced at $27 to $29 each, looking to raise up to $420.5 at the top of that range, according to a filing.

Morgan Stanley and J.P. Morgan are the lead underwriters for the offering in a syndicate of 11 banks.

The start-up, which provides over 183,000 courses in 75 languages to 44 million learners,
backed by Learn Capital, Insight Partners, and Norwest, among others.

It had a net loss of $29.4 million in the six months ended June 30, narrower than the loss of $52.5 million posted in the year-earlier period. Revenue rose to $250.6 million from $201.4 million.

In the last year, the market has seen the IPOs of several EdTech companies, such as Duolingo, Nerdy, PowerSchool, and Coursera.

About Udemy

Udemy’s mission is to create new possibilities for people and organizations everywhere by connecting them to the knowledge and skills they need to succeed in a changing world. The Udemy marketplace platform, with thousands of up-to-date courses in dozens of languages, provides the tools learners, instructors, and enterprises need to achieve their goals and reach their full potential. Millions of people learn on Udemy from real-world experts in topics ranging from programming and data science to leadership and team building. For companies, Udemy Business offers an employee training and development platform with subscription access to thousands of courses, learning analytics, and the ability to host and distribute their own content. Udemy Business customers include Apple, Glassdoor, On24, The World Bank, and Volkswagen. Udemy is privately held and headquartered in San Francisco with office hubs in Ankara, Turkey; Austin, Texas; Boston, Massachusetts; Mountain View, California; Denver, Colorado; Dublin, Ireland; Melbourne, Australia; New Delhi, India; and Sao Paulo, Brazil. Udemy investors include Insight Partners, Prosus (Naspers Ventures), Norwest Venture Partners, Stripes, and Benesse Holdings.