2U Inc. files paperwork for IPO
LANDOVER, Md. (AP) — 2U Inc., an online education services provider, filed regulatory paperwork Friday for an initial public offering of its stock.
The company has not determined the size or price of the offering.
2U said it would sell a portion of the shares, while shareholders are expected to sell some shares. The company plans to list its stock on the Nasdaq under the ticker symbol "TWOU."
The company, based in Landover, Md., was founded in 2008. It provides software to colleges and universities to help them connect with and hold online classes.
According to its filing with the U.S. Securities and Exchange Commission, it posted a loss of $28.3 million for 2013 on revenue of $83.1 million, which was up almost 50 percent from its 2012 revenue.
2U says it plans to use the IPO proceeds for marketing and sales costs, as well as to fund technology and content development.