Edtech platform Coursera has approached United States regulator seeking stock market listing. The company, in its filings, said revenue saw a substantial boost due to the COVID-19 pandemic.
Underwriters for the initial public offering (IPO) include Citigroup, Goldman Sachs, and Morgan Stanley, The Economic Times reported.
The coronavirus pandemic propelled business for online platforms with the Edtech segment, in particular, benefitting much from the disruption, the report said.
According to Coursera, revenue for the year ended December 31, 2020, was $293.5 million – a 59 percent jump compared to the previous year. Further, net loss increased to $66.8 million for the year ended December 31, 2020, compared to $46.7 million the previous year.
Amid the pandemic and lockdowns instituted worldwide, the company launched its “Coursera for Campus” to facilitate online learning for students stuck at home. The platform is associated with more than 3,700 colleges and universities, the company’s website states.
Besides students, employees who lost their jobs and seeking to enhance skillsets for new careers also made up a big chunk of Coursera’s business base.
The listing is not uncommon for edtech startups in the US. Earlier Skillsoft and Nerdy Inc both opted for public listing through the popular SPAC route.
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