2U, which first started trading on Friday, 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.Must Read: Warren Buffett's 10 Favorite Growth 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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