https://www.reuters.com/technology/duolingo-valued-65-bln-shares-soar-debut-2021-07-28/ Welcome to the Reuters.com BETA. Read our Editor's note on how we're helping professionals make smart decisions. Read more Skip to main content * World * Business * Legal * Markets * More Sign In Menu July 28, 20217:58 PM UTCLast Updated ago Technology Duolingo enters 'major leagues' with $6.5 bln valuation in strong debut Echo WangNiket Nishant * * * * 2 minute read Woman with her smartphone poses in front of displayed Duolingo logo in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/ Illustration/File Photo Smartphone with displayed Duolingo app is placed on the keyboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/ Illustration Woman with her smartphone poses in front of displayed Duolingo logo in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/ Illustration/File Photo 1/2 Smartphone with displayed Duolingo app is placed on the keyboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/ Illustration Read More July 28 (Reuters) - Language learning app Duolingo Inc (DUOL.O) notched a valuation of $6.5 billion after its shares surged nearly 40% in the company's Nasdaq debut on Wednesday, becoming the latest education technology startup to impress Wall Street. Duolingo's stock opened at $141.4 per share, blowing past the initial public offering price (IPO) of $102 per share, which crossed the top end of its target range. The stock later pared some gains to trade at $130.92 in the afternoon. The company's flotation comes at a time of increased investor interest in the edtech space, after pandemic restrictions sent students and teachers from the classroom to the web. "Being a public company will allow us to operate at a higher level, and get going from the minor leagues to the major leagues," said Luis von Ahn, co-founder and chief executive officer of Duolingo. Following the IPO, the company will focus on improving its flagship app and getting more active users to switch to paying subscribers, von Ahn said. Duolingo offers courses in 40 languages to about 40 million monthly active users. The company also plans to expand more in Asia, its fastest growing region. Currently, Duolingo's largest market is the United States, home to 20% of its users and bringing in 45% of the company's revenue, von Ahn said. Duolingo raised nearly $521 million in the IPO by selling about 5.1 million shares. Almost 1.4 million of those shares were sold by existing stockholders and the proceeds will not go to the company. Earlier this week, the company raised its price target range to between $95 and $100 per share, from an earlier estimate of between $85 and $95 per share. read more The company was founded in 2011 by von Ahn and Severin Hacker, who met at Carnegie Mellon University. Goldman Sachs & Co and Allen & Company are the lead underwriters for the IPO. Reporting by Niket Nishant in Bengaluru and Echo Wang in New York; Editing by Devika Syamnath Our Standards: The Thomson Reuters Trust Principles. More from Reuters Sign up for our newsletter Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Sign up Technology Technology * 9:44 PM UTCAmazon sales growth slows in tame start to Jassy's tenure as CEO Amazon.com Inc (AMZN.O) on Thursday said sales growth would decelerate in the third quarter as customers leave their homes more, a slow start to the reign of CEO Andy Jassy after 27 years with Jeff Bezos at the retailer's helm. 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