Landover-based 2U aims to raise $137M in IPO

Landover online education company 2U intends to raise as much as $137.2 million in its initial public offering, according to documents filed this week with the Securities and Exchange Commission.

The company has priced its shares at $13 a piece, though that figure is subject to change. It will be listed on the Nasdaq Global Market under the ticker symbol “TWOU.”

The company partners with established universities to create online versions of their existing programs. For example, 2U developed an online version of Georgetown University’s nursing master’s program in 2011.

Since its creation, the company has expanded into undergraduate courses. Its programs allow schools to enroll students and collect their tuition dollars without the costs and physical limitations of maintaining a bricks-and-mortar classroom.

Filings show the company has grown its revenue in each of the last three years, including $83.1 million in revenue for 2013. It has also posted net losses for each of those years, including a net loss of $28 million for 2013.

Follow reporter Steven Overly on Twitter: @StevenOverly

Steven Overly covers the business of technology, biotechnology and venture capital in the Washington region for The Washington Post and its weekly Capital Business publication. In that capacity, he has written about start-up struggles, investment trends and major drug discoveries.
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