Duolingo enters 'major leagues' with $6.5 billion valuation in strong debut

FILE PHOTO: Smartphone with displayed Duolingo app is placed on the keyboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) -Language learning app Duolingo Inc 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.