Duolingo, Inc., a leading mobile language learning platform globally, has announced the pricing of its initial public offering of Class A common stock at a price to the public of US$102 per share. Duolingo is offering 3,700,000 shares of Class A common stock and the selling stockholders named in the prospectus are offering 1,406,113 shares of Class A common stock. In addition, Duolingo has granted the underwriters a 30-day option to purchase an additional 765,916 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Duolingo will not receive any proceeds from the sale of shares by the selling stockholders. Duolingo's Class A common stock is expected to begin trading on the Nasdaq Global Select Market on July 28, 2021 under the symbol "DUOL" and the offering is expected to close on July 30, 2021, subject to customary closing conditions.
Latham & Watkins LLP represents Duolingo in the offering with a corporate team led by Bay Area partners Ben Potter and Tad Freese and New York partner Alison Haggerty, with New York associate Matthew DeSilva and Bay Area associate Taimi Jacobson. Advice was also provided on securities law matters by Bay Area partner Robert Koenig; on benefits & compensation matters by Bay Area partner Jay Metz, with Chicago associate Samantha Voutyras; on tax matters by Bay Area partner Katharine Moir, with Bay Area associate Gregory Conyers; on data & technology transactions matters by Bay Area partner JD Marple; and on data privacy & security matters by Washington, D.C. partner Jennifer Archie, with Washington, D.C. associate Alexander Stout.