Online studying platform Udemy recordsdata for U.S. IPO

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Oct 5 (Reuters) – Online studying platform Udemy Inc on Tuesday filed regulatory paperwork for an preliminary public providing (IPO) within the United States, revealing a surge in income final yr pushed by the pandemic-led accelerated shift towards distant studying.

The San Francisco-based firm’s income grew 55.6% to $429.9 million in 2020 from a yr earlier, its submitting confirmed. Udemy incurred a web lack of $77.6 million over the identical interval.

The firm, which didn’t share the phrases for its providing, was valued at $3.3 billion throughout a financing spherical in November final yr. It is anticipated to go public at a a lot greater valuation.

Udemy is the most recent in a string of on-line training firms trying to record their shares in New York, after Coursera Inc and Nerdy Inc went public earlier this yr.

Morgan Stanley and J.P. Morgan are the lead underwriters for the IPO, after which the corporate plans to record on the Nasdaq underneath the image “UDMY.”

Reporting by Sohini Podder in Bengaluru; Editing by Anil D’Silva and Vinay Dwivedi