May 16 (Reuters) - The initial public offering of online learning platform PluralSight Inc was priced at $15 per share, sources familiar with the matter said on Wednesday, above a raised range.
The Farmington, Utah-based company on Tuesday increased its expected IPO price range to between $12 and $14 per share, from the prior $10 to $12 per share range on the back of strong demand.
The offering was oversubscribed more than 20 times, one of the sources said.
The company, which is backed by private equity firm Insight Venture Partners, is a 'unicorn' - a privately held startup with a valuation of $1 billion or more.
The IPO of 20.7 million Class A shares raised $310.5 million and the company has said it would largely use the proceeds to pay down debt.
The company, whose customers include Adobe and AT&T Inc, said 82 percent of billings in the first quarter of 2018 came from business customers while the rest came from individual users.
Following the IPO, Co-Founder and Chief Executive Officer Aaron Skonnard will hold about 54.4 percent of voting power, PluralSight had said in its filing bit.ly/2KoeiWJ.
The company's revenue for the first three months of 2018 rose 33 percent to $49.6 million from a year earlier, while loss widened to $23.2 million from $9.8 million.
The stock is expected to start trading on the Nasdaq Global Select Market on Thursday under the ticker "PS."
Morgan Stanley, J.P.Morgan, Barclays and BofA Merrill Lynch are leading the offering. (Reporting by Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila)