Venture capital-backed education technology company 2U is set to sell nearly $120m worth of shares via its upcoming IPO on the Nasdaq Exchange.
2U, which last month filed to raise $100m, said it will sell 8m shares for $13 apiece, while its shareholders will offer an additional 1.17m shares. The underwriters which include Goldman Sachs and Credit Suisse will have an option to acquire up to 1.37m shares in the 30-day period following the IPO.
The company is backed by venture capital firms Bessemer, City Light Capital, Highland Capital Partners, Novak Biddle and Redpoint Ventures.
The company was launched in 2008 by a team of education and technology veterans to create online learning programmes in conjunction with top-tier colleges and universities.
2U raised $5.1m addition to its $26m Series D financing round in October last year, and collected $32.5m of Series C funding in 2011.
The company raised a total $30m in its Series A and B rounds between 2009 and 2010.
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