UDMY - Udemy IPO: Learning Not Investing

• Udemy has gone public in an IPO that has seen a relatively modest welcome.
• Shares trade largely flattish, or actually down a bit as the slower pace of growth vs. peers and continued losses make investors a bit cautious.
• Relatively lower sales multiples look attractive, but I fear that the growth and business model is simply a bit softer vs. some peers.

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