Online education provider Coursera is planning to file paperwork on Friday for its initial public offering, TechCrunch reported, citing sources familiar with the matter.
What Happened: According to the report, Coursera has been in talks with underwriters since last year, but Friday could mark its initial step in the process to go public.
Bloomberg reported in December last year that the IPO could give Coursera a valuation of around $5 billion.
Founded by Daphne Koller and Andrew Ng in 2012, the Mountain View, California-based company raised $130 million in a fundraising event in July. The company’s investors include Kleiner Perkins, New Enterprise Associates, Learn Capital, and SEEK Group.
According to Coursera’s website, more than 200 universities and industry educators around the world partner with Coursera to offer courses, specializations, certificates, and degree programs.
Why It Matters: Online education has boomed amid the pandemic as people who have lost jobs learn new skills to shift to new careers. Schools and colleges also shifted to remote learning due to pandemic-induced lockdowns.
Edtech companies are increasingly pursuing plans to go public amid favorable market conditions. Another education startup Udemy may also go public this year.
Nerdy Inc. said in late January that it has entered into an agreement to become a public company through a business combination with TPG Pace Tech Opportunities Corp. (NYSE: PACE), a publicly-traded special purpose acquisition company or SPAC.
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