Language learning application Duolingo has raised the price on its initial public offering to $100 approximately. The company doubled its sales last year and is now worth $3.6 billion. There is a 50% jump from its recent fundraising in November.
The S&P 500 Index rallied about a quarter since Duolingo last raised cash. Though, some tech firms that took advantage of lockdown have not done as well.
Duolingo is aiming at an enterprise value equivalent to more than 20 times its last year’s sales.