A representative for Udemy didn’t immediately respond to a request for comment.

At $29 a share, Udemy would have a market value of about $4 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission. Accounting for employee stock options, the company has a fully diluted value of more than $4.5 billion.

Thee company was valued at $3.3 billion in a private investment last year, according to data provider PitchBook.

Insight’s Stake

Udemy’s biggest investor is Insight Partners and its affiliates, which will own more than 30% of the company’s shares after the listing. Other top shareholders, according to Udemy’s filings, include MIH Edtech Investments, which is a unit of Prosus NV, and Norwest Venture Partners.

Udemy’s revenue for the first six months of the year was $251 million, up from $201 million the year before. Its net loss narrowed to $29 million from $52 million a year ago

Udemy provides online video courses across a variety of categories, including web development, marketing and business. The company said it had more than 201 million course enrollments last year with over 44 million users globally.

Its corporate customers include Citigroup Inc., Jaguar Land Rover, PayPal Holdings Inc. and Box Inc.

Coursera, Pluralsight

In the risk-factors section of the prospectus, Udemy acknowledges that it’s in a highly competitive market which includes Coursera Inc., Pluralsight Inc. and LinkedIn Learning.

Morgan Stanley and JPMorgan Chase & Co. are leading the offering. The company’s shares are expected to begin trading Friday on the Nasdaq Global Select Market under the symbol UDMY.