Coursera IPO: Get In Before The Listing

seekingalpha2021-03-31

SummaryThe Coursera IPO is imminent.SuRo Capital, a business development company, holds a massive stake in the company.SuRo could be a proxy for interesting startups such as Nextdoor, Forge Global and...

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Comments

ShafiqMazlan
2021-03-31
ShafiqMazlan
Is there a lock up period for the Coursera listing?
Happytrooper
2021-03-31
Happytrooper
Is Suro listed? Ticker name?
Eddiemeister
2021-03-31
Eddiemeister
How to get in on the ipo or proxy?
Rachis
2021-03-31
Rachis
set on a new course
Sheraa
2021-03-31
Sheraa
when it is getting listed ?
- DingDang:
  Looking forward
oOxfsOo
2021-03-31
oOxfsOo
commen

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After years of building an online education platform, the company finally hit warp speed when everyone was forced to study from home. Therecently-filed S-1 mentionsdouble-digit revenue growth, a growing base of users and exciting plans for future expansion. Luckily, a publicly-listed company was an early investor in the startup and now holds a significant stake in the business. This early investor also is exposed to several other interesting public and private tech companies, which justifies a closer look. Here’s a quick breakdown of Coursera’s S-1 and the stock that can give you a chance to get in before retail investors rush in.Coursera IPOLaunched in 2012 by Stanford University computer science professors Daphne Koller and Andrew Ng, Coursera is one of many massive open online course (MOOC) providers that have emerged since the dawn of the Internet. What sets Coursera apart is its symbiotic relationship with established universities. Instead of trying to disrupt the higher education industry, Coursera is attempting to work with them to reimagine what higher education and professional courses should look like in a digital world.That strategy seems to be working. Coursera has more than77 million students, more than most of its rivals. The company’sCoursera for Campusattracted 4,000 tertiary institutions from across the world. At the end of 2020, 130 of these institutions were premium subscribers. 2,000 businesses (including 25% of Fortune 500 companies) and 100 government agencies are alsopaying for Coursera’s enterprise offerings.Unsurprisingly, that traction is reflected on the top line. In 2020, Coursera generated $293 million in revenue, up 59% from the previous year. Year-on-year user growth came in at 65%. However, the company extended free courses and features throughout the pandemic to gin up traffic. That led to higher costs and a loss of $66.8 million in 2020, up from $46.7 million in 2019. Free cash flow was -$26.9 million over the course of the year.Coursera doesn’t expect to become cash flow positive or profitable anytime soon. In fact, theS-1 clearly statesthat the company “had an accumulated deficit of $343.6 million as of December 31, 2020,” and that they anticipate that the company “will continue to incur losses for the foreseeable future.”The reopening is another risk. With students heading back to the campus this fall, it’s difficult to say if Coursera can sustain last year’s momentum and keep students and universities engaged on its platform.Coursera product tiersNevertheless, the company’s partnerships with government agencies, library of content from top universities, enterprise training products and micro-certification courses could help it bolster growth over time. Online learning already was a rapidly-growing market pre-pandemic. Some estimates suggest the marketcould be worth $350 billionby 2025. Coursera was last valued at $2.5 billion.It could be worth a lot more when the IPO is completed. One early investor is certainly expecting a windfall: SuRo Capital(NASDAQ:SSSS).SuRo Capital - Coursera’s ProxySan Francisco-based SuRo Capital is a business development company focused on tech startups and innovative private companies. SuRo’s portfolio is heavily concentrated in preferred shares of noteworthy tech startups such asCourseHero,Rent the Runway,Nextdoor,Blink HealthandForge Global.The largest and most noteworthy position in their portfolio is a $94 million stake in Palantir Technologies(NYSE:PLTR). In fact, my first article on the company was publishedjust before Palantir’s IPO. Over the past 12 months, the stock is up 281%, which means it outperformed the most talked about tech ETF of the year - Ark Innovation ETF(NYSEARCA:ARKK).Source:TradingViewNow, Palantir accounts for 31.4% of SuRo’s portfolio. Coursera is the second-largest holding. Accounting for 17.6% of the portfolio, SuRo reported the fair value of its stake at $53.2 million recently. It’s worth noting that SuRo holds this stake in preferred shares paying out 8% a year in dividends. These preferred shares should be worth a lot more when the company lists publicly. Analysts estimate Coursera could be worth as much as$5 billion, which is roughly double its valuation from 2020.At that price, Coursera would become SuRo’s largest holding, adding roughly $50 million to the company’s book value.Altogether,SuRo’s portfolio is worth $430 million. Meanwhile, the company’s market capitalization is $274 million. If the Coursera IPO is as successful as some of the other major tech IPOs we’ve witnessed this year, this discount to fair value could broaden further.RisksCoursera's S-1 lists several potential risks that investors should be aware of. However, I believe some are more noteworthy than others and Coursera may have missed some key risks.Competition, for one, is something the team could have elaborated on further. Coursera is far from the only online education provider. In fact, many of its rivals including Skillshare, Gumroad, Khan Academy and Udemy have more recognizable brands.Khan Academy is particularly noteworthy because many of the courses it offers are free. That, in my opinion, is another key risk for Coursera and perhaps the entire EdTech space. While higher education is a luxury service in North America, it's free in places like Germany. Much of the world would prefer a low-cost or free model to develop talent and plug the skills gap. College in India, for instance, costs$5,000 a year on average. Coursera isn't profitable at its current average pricing of $9,000 to $25,000 per degree course. Lower costs in the rest of the world could make profitability a bigger challenge.Coursera could potentially overcome these challenges by recruiting lower-cost education providers in emerging markets, convincing students to pay a premium and differentiating its courses by partnering with elite universities and recruitment channels.Bottom lineKeep an eye on SuRo. This could be one of the underrated and undervalued tech companies on the market right now. It’s either that or I’m missing something and have overlooked something major. Let me know in the comments below.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":354414036,"gmtCreate":1617196334525,"gmtModify":1704697081727,"author":{"id":"3574492799537574","authorId":"3574492799537574","name":"ShafiqMazlan","avatar":"https://static.tigerbbs.com/05b18d5e47abf20563e9bbeed4a877c2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574492799537574","authorIdStr":"3574492799537574"},"htmlText":"Is there a lock up period for the Coursera listing?","listText":"Is there a lock up period for the Coursera listing?","text":"Is there a lock up period for the Coursera listing?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354414036","repostId":1199969344,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":354436917,"gmtCreate":1617195244539,"gmtModify":1704697064597,"author":{"id":"3576282986479276","authorId":"3576282986479276","name":"Happytrooper","avatar":"https://static.tigerbbs.com/e47faca746702cb9a978aa207958e275","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3576282986479276","authorIdStr":"3576282986479276"},"htmlText":"Is Suro listed? Ticker name?","listText":"Is Suro listed? Ticker name?","text":"Is Suro listed? Ticker name?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354436917","repostId":1199969344,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":354407712,"gmtCreate":1617193910236,"gmtModify":1704697043284,"author":{"id":"3564380161989259","authorId":"3564380161989259","name":"Eddiemeister","avatar":"https://static.tigerbbs.com/0d3f3fe13214f6d14846edf70f1aa785","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3564380161989259","authorIdStr":"3564380161989259"},"htmlText":"How to get in on the ipo or proxy?","listText":"How to get in on the ipo or proxy?","text":"How to get in on the ipo or proxy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354407712","repostId":1199969344,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":354408880,"gmtCreate":1617193536340,"gmtModify":1704697035512,"author":{"id":"3574731047424094","authorId":"3574731047424094","name":"Rachis","avatar":"https://static.tigerbbs.com/ae27d72e6d81357c96a7b54460d121e6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574731047424094","authorIdStr":"3574731047424094"},"htmlText":"set on a new course","listText":"set on a new course","text":"set on a new course","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354408880","repostId":1199969344,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":354569536,"gmtCreate":1617189171525,"gmtModify":1704696975846,"author":{"id":"3576278444189819","authorId":"3576278444189819","name":"Sheraa","avatar":"https://static.tigerbbs.com/3c220be1a2df33c3ccc9729413c26252","vip":1,"crmLevel":8,"crmLevelSwitch":1,"idStr":"3576278444189819","authorIdStr":"3576278444189819"},"htmlText":"when it is getting listed ?","listText":"when it is getting listed ?","text":"when it is getting listed ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/354569536","repostId":1199969344,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3930124,"gmtCreate":1617189659588,"gmtModify":1680782440954,"authorId":3553254172092293,"author":{"id":3553254172092293,"idStr":"3553254172092293","authorId":3553254172092293,"name":"DingDang","avatar":"https://static.tigerbbs.com/d2a0c38ce6f3c2661fa15b7d1f52eeaf","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":354569536,"type":1,"supId":0,"prevId":0,"content":"Looking forward","text":"Looking forward","html":"Looking forward"}],"langContent":"EN"},{"id":354560642,"gmtCreate":1617189032386,"gmtModify":1704696973383,"author":{"id":"3577332253189275","authorId":"3577332253189275","name":"oOxfsOo","avatar":"https://static.tigerbbs.com/5eab5ca71fa941be1d2ed1a19c94f988","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577332253189275","authorIdStr":"3577332253189275"},"htmlText":"commen","listText":"commen","text":"commen","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354560642","repostId":1199969344,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":82,"commentSize":22,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1199969344"}