The Covid-19 pandemic sparked a boom in online learning, which has increased the revenue of the education technology company Coursera.
Education technology company Coursera filed its IPO prospectus with the Securities and Exchange Commission on Friday and plans to trade on the New York Stock Exchange under the symbol “COUR”.
Based in Mountain View, California, the company provides individuals with access to online courses and degrees from top universities, a business that boomed during the Covid-19 pandemic.
Coursera has compiled the CNBC Disruptor 50 list several times and most recently ranked 4th on the 2020 list.
The nine-year-old company had sales of approximately $ 293 million for the fiscal year ended December 31, a growth rate of 59% from 2019. Net losses increased approximately $ 20 million year over year, reaching 66.8 million in 2020 U.S. dollar.
“Our sales increased significantly, mainly due to the increased number of registrations during the Covid-19 pandemic,” says the company’s IPO prospectus. “Likewise, we have seen a significant increase in our operating costs related to our services, largely driven by our freemium offerings and marketing efforts. As the pandemic has made remote working and online learning more widespread, it is uncertain what effect the rejuvenation of the Covid will have -19 pandemic could affect our results of operations. “
The company said it had admitted over 12,000 new students in the two years ended December 31, 2020, with an average cost of less than $ 2,000.
The total number of registered users increased by 65% in 2020 compared to the previous year.
Coursera was last valued at $ 2.5 billion, according to PitchBook data.
The company was founded by former Stanford University computer science professors Daphne Koller and Andrew Ng. When Coursera started in 2012, both had spent enough time in higher education to realize that change was overdue and that online learning was a great way to move forward.
As of December 31, 2020, more than 150 universities were offering over 4,000 courses through Coursera, which offers over two dozen degree programs at prices lower than many personal school offerings. A bachelor’s or master’s degree completed through Coursera can cost anywhere from $ 9,000 to $ 45,000, according to the prospectus.
During the pandemic, Coursera worked with more than 330 government agencies in 70 countries and 30 states and cities to work with more than 330 government agencies in 70 countries and 30 states and cities, through the Coursera Workforce Recovery Initiative, which gives governments free access to thousands of courses on business, technology, and data to the unemployed Companies like Amazon and Google.
It also offers a variety of educational certificates and professional skills courses that range in price from $ 9.99 to $ 99.
“While the impact of the ongoing Covid-19 pandemic is severe, widespread and evolving, it has accelerated the need for online education. Both individuals and institutions have relied and continue to rely on online learning for change to steer and steer. ” Disturbance, “says the company’s IPO prospectus.
The number of shares and the price range for the proposed offer has yet to be determined. Morgan Stanley, Goldman Sachs and Citigroup are listed as primary insurers.