2U's $100 Million IPO Validates Online Education Industry
In a signal of the online education market's viability, Maryland-based 2U plans to raise $100 million in a public offering.
The online learning company filed paperwork relating to the proposed IPO with financial regulators last week, according to a press release from the company. Goldman Sachs and Credit Suisse will serve as the lead underwriters on the offering.
Founded in 2008, 2U focuses on post-secondary degrees and has a customer list that includes Georgetown University, the University of California-Berkeley, and the University of North Carolina. The company had $83.1 million in 2013 revenue, an increase of 49 percent from the previous year, Reuters reported.
In the press release, 2U did not specify how many shares it plans to sell or the expected share price, but did disclose that it will list its stock on the NASDAQ exchange under the symbol "TWOU."