Education Firm Udemy Falls in Debut After $421 Million IPO (1)

Education technology company Udemy Inc. fell 5.2% on its first day as a public company, a bottom-of-the-class debut in a banner year for U.S. listings.

Shares of the San Francisco-based Udemy, which sold for $29 in the IPO, closed at $27.50 in New York trading Friday, giving the company a market value of about $3.8 billion.

Udemy sold 14.5 million shares Thursday at the top of a marketed range of $27 to $29 to raise $421 million. Accounting for employee stock options, the company has a fully diluted value of more than $4.3 billion. The company was valued at $3.3 ...