Duolingo valued at $6.5 bln as shares soar in debut

About 1.4 million of those shares were sold by stockholders and those proceeds will not go to Duolingo. The company earlier this week raised its price target range to between $95 and $100 per share.

Language learning app Duolingo Inc's shares rose nearly 39% in their U.S. market debut on Wednesday, giving the company a valuation of $6.5 billion on a fully-diluted basis.

Duolingo's stock opened at $141.4 per share, blowing past the initial public offering price (IPO) of $102 per share, which was above the top end of its target range. The company raised nearly $521 million by selling about 5.1 million shares. About 1.4 million of those shares were sold by stockholders and those proceeds will not go to Duolingo.

The company earlier this week raised its price target range to between $95 and $100 per share. It had earlier aimed to sell shares at a price between $85 and $95 per share. Goldman Sachs & Co and Allen & Company are the lead underwriters for the IPO.