Duolingo’s Initial Public Offering

Duolingo's Initial Public Offering

Latham & Watkins represented Duolingo, while Skadden, Arps, Slate, Meagher & Flom advised the bookrunners on the deal.

Duolingo has publicly filed a registration statement with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Duolingo has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “DUOL.”

Goldman Sachs & Co. LLC and Allen & Company LLC will act as lead bookrunners, BofA Securities, Barclays Capital Inc., Evercore Group L.L.C. and William Blair & Company, L.L.C.  will act as additional bookrunners and KeyBanc Capital Markets Inc., JMP Securities LLC, Piper Sandler & Co., and Raymond James & Associates, Inc. will act as co-managers for the proposed offering.

Duolingo is the leading mobile learning platform globally, offering courses in 40 languages to approximately 40 million monthly active users. With over 500 million downloads, its flagship app has organically become the world’s most popular way to learn languages and the top-grossing app in the Education category on both Google Play and the Apple App Store. 

The Skadden team included Capital Markets partners Ryan Dzierniejko (Picture; New York) and Michelle Gasaway (Los Angeles), associate John Zelenbaba (Toronto) and law clerk Nicole Groysman (New York).

Latham & Watkins LLP represented Duolingo in the offering with a corporate team led by Bay Area partners Ben Potter and Tad Freese and New York partner Alison Haggerty, with New York associate Matthew DeSilva and Bay Area associate Taimi Jacobson. Advice was also provided on securities law matters by Bay Area partner Robert Koenig; on benefits & compensation matters by Bay Area partner Jay Metz, with Chicago associate Samantha Voutyras; on tax matters by Bay Area partner Katharine Moir, with Bay Area associate Gregory Conyers; on data & technology transactions matters by Bay Area partner JD Marple; and on data privacy & security matters by Washington, D.C. partner Jennifer Archie, with Washington, D.C. associate Alexander Stout.

Involved fees earner: Jennifer Archie – Latham & Watkins; Gregory Conyers – Latham & Watkins; Matthew DeSilva – Latham & Watkins; Tad Freese – Latham & Watkins; Alison Haggerty – Latham & Watkins; Taimi Jacobson – Latham & Watkins; Robert Koenig – Latham & Watkins; JD Marple – Latham & Watkins; James Metz – Latham & Watkins; Katharine Moir – Latham & Watkins; Benjamin Potter – Latham & Watkins; Alexander Stout – Latham & Watkins; Samantha Voutyras – Latham & Watkins; Ryan Dzierniejko – Skadden Arps Slate Meager & Flom; Michelle Gasaway – Skadden Arps Slate Meager & Flom; John Zelenbaba – Skadden Arps Slate Meager & Flom;

Law Firms: Latham & Watkins; Skadden Arps Slate Meager & Flom;

Clients: Allen & Company LLC; Bank of America Securities; Barclays Capital ; Duolingo; Evercore Inc.; Goldman Sachs & Co.; JMP Securities LLC; KeyBanc Capital Markets; Piper Sandler; Raymond James & Associates, Inc.; William Blair & Company, L.L.C.;

Martina Bellini

Author: Martina Bellini