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Coursera Shares Soar in Stock Market Debut

Coursera rises above its initial public offering price in its first trade as a public company.
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Coursera  (COUR) - Get Coursera Inc Report went to the head of the class Wednesday after shares of the online education platform surged in their stock market debut.

Shares of the Mountain View, Calif. company were soaring 19% to $39.26 at last check. The company's first trade went for $39.

Coursera and selling stockholders sold 15.73 million shares Tuesday for $33 each after marketing them for $30 to $33, according to a statement.

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The listing gives the company a market value of about $4.3 billion. Including employee stock options and restricted stock units, it would have a fully diluted valuation of more than $5.4 billion, according to Bloomberg.

Coursera said it expects gross proceeds of $483.9 million from the initial public offering. The company said it has granted the underwriters a 30-day option to purchase up to 2.36 million shares.

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Coursera raised $130 million in July at a valuation of $2.6 billion, Bloomberg said, citing PitchBook. Some of the company's backers include New Enterprise Associates, Kleiner Perkins and G Squared.

"The COVID-19 pandemic sharply increased the need for online learning beginning in 2020," the company said in a regulatory filing. "Both individuals and institutions relied on online learning to navigate change and disruption."

Coursera said it has "experienced rapid revenue growth in recent periods, with revenue of $184.4 million and $293.5 million in 2019 and 2020, respectively." 

Last week, the company said it expected the shares to be priced at between $30 and $33 each.

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Coursera was founded in 2012 by Stanford University computer science professors Andrew Ng and Daphne Koller. The company has about 1,800 employees.

The company said it is now "one of the largest online learning platforms in the world, with 77 million registered learners."