Update (4:25 p.m.): Updated with Friday market close information.
NEW YORK (TheStreet) -- 2U (TWOU) rose 7.54% to $13.98 at the close of trading on Friday, its first day of trading after the cloud-based education provider's IPO. More than 9.3 million shares changed hands during the day.
2U priced its initial public offering at $13, the high end of its range of $11 to $13. The company sold 8 million shares, while selling stockholders sold 1.2 million shares for a total of 9.2 million shares in the IPO. The company and some selling stockholders also included a 30-day option for underwriters to buy up to an additional 1.4 million shares.
The Landover, Md.-based company was founded in 2008 and provides software to colleges and universities to facilitate online classes.2U had a loss of $28.3 million on revenue of $83.1 million in 2013, according to the AP. That revenue figure was nearly 50% greater than its revenue in 2012. 2U and Aerohive Networks (HIVE), a wireless technology company, both debuted on the market on Friday. Must Read: Warren Buffett's 10 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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