2U's IPO falls flat

2U (TWOU) opened at for trading at $13 and is currently at $12.95, down 0.4% from an IPO price of $13.

The provider of online classroom software for colleges has a market cap of $506M, or 6.1x sales. It raised $104M by selling 8M new shares, and sold another 1.18M on behalf of existing holders.

2U had 2013 revenue of $83.1M (+49% Y/Y), and a net loss of $28.3M. Adjusted EBITDA was -$21.2M.

GSV Capital (GSVC +0.2%) owns a 2U stake it estimates was worth $11.3M at the end of 2013 (3.9% of NAV).

Prospectus, IPO preview

Update (3:00PM): Shares have rebounded, and are now up 5.2%.

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