Benzinga | Jul 26, 2021 01:17PM EDT

Language Learning App Duolingo Could Be Valued Over $4.6B Based On Upsized IPO: Reuters

* Duolingo Inc (NASDAQ:DUOL) proposed to sell 5.1 million shares at between $95 - $100 each in its upsized U.S. initial public offering, Reuters reports. The hike reflects a higher investor appetite.

* It can rake maximum gross proceeds of $511 million at over $4.6 billion valuation.

* The previous price range was $85 - $95 per share.

* The selling shareholder will sell 1.4 million shares. The company will not receive any proceeds from the selling shareholders.

* The language learning company aims to list on Nasdaq under the symbol "DUOL."

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