The Shares of the online learning platform Coursera Inc. opened on Wednesday 18% above the initial public offering price and valued the company at$ 5.08 billion.
The stock was opened at$ 39, compared to the IPO price of$ 33 per share. According to Pitchbook data, the company was valued at$ 2.57 billion after its fundraising round in July last year.
The Mountain View, California based firm said on Tuesday 15.7 million shares at the upper end of the$ 33 to$ 30 range it had announced and raised$ 519 million. About 1.1 million shares were offered to stockholders by selling them.
Coursera is the latest in a string of strong market debuts by technology companies that have benefited from disruptions caused by the pandemic.
The business of the company has been boosted by people staying at home due to the health crisis and moving to digital modes of learning.
Coursera offers courses on cloud computing, language learning and machine learning among others. Its website is used worldwide by more than 3,700 universities and colleges, its platform reveals.
In response to the pandemic, it launched Coursera for Campus to help home school students get courses to a stuck-at home professor.
Coursera joins the list of online learning portals like Nerdy Inc and Skillsoft that have announced in recent months that they would go public through mergers with special purpose acquisition companies.
Underwriters for Coursera include Morgan Stanley, Goldman Sachs and Citigroup.