Coursera Inc. (NYSE: COUR) entered the market with a bang on Wednesday. Although the company priced its shares at the high end of the expected range, shares rose even higher in response to demand. The stock went out around $39, well above the original pricing of $33.
The company was offering about 15.7 million shares, and the expected price range was $30 to $33, with an overallotment option for an additional 2.36 million. At the $33 price, the entire offering was valued up to nearly $597 million.
The underwriters for the offering are Morgan Stanley, Goldman Sachs, Citigroup, UBS, KeyBanc Capital Markets, Raymond James, Stifel, Truist Securities, William Blair, D.A. Davidson, Needham, Loop Capital Markets and Telsey Advisory.
Coursera was launched in 2012, and it is now one of the largest online learning platforms in the world, with 77 million registered learners. Coursera partners with over 200 leading university and industry partners to offer a broad catalog of content and credentials, including guided projects, courses, specializations, certificates and bachelor’s and master’s degrees. More than 6,000 institutions have used Coursera to upskill and reskill their employees, citizens and students, including in high-demand fields such as data science, technology and business.
Note that this company has been a major beneficiary of the learn-from-home transition that materialized during the pandemic. However, the pandemic has not been the only catalyst pushing this company forward. Rising costs at colleges and universities has been a barrier to entry for some into higher education and Coursera could provide that avenue for many.
The company intends to use the net proceeds from this offering for working capital and general corporate purposes.
Coursera stock traded at $39.40 on Wednesday, in a range of $38.52 to $40.52 on the day thus far. About 4 million shares had moved as of 12:25 p.m. Eastern.
The Average American Is Losing Momentum on Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%* today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying nearly 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.