Benzinga | Jul 19, 2021 02:37PM EDT

Duolingo Targeting $3.4B IPO Stemming From Online Learning Boom: Reuters

* Language-learning app maker Duolingo Inc (NASDAQ:DUOL) is aiming for a $3.41 billion U.S. initial public offering to tap the pandemic-driven growing demand for online education tools, Reuters reports.

* It plans to raise over $485 million by offering 5.1 million shares between $85 -$95 per share.

* The valuation could stretch to $4.38 billion on a fully diluted basis.

* Duolingo has 40 million monthly active users learning 40 languages, including Irish and Hawaiian.

* It plans to start trading on the Nasdaq under the symbol "DUOL."

* Goldman Sachs & Co and Allen & Company are the lead underwriters for the IPO.

* With over 500 million downloads, its app is the top-grosser in the education category on both Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Play, and Apple Inc's (NASDAQ:AAPL) App Store.