The language learning provider Babbel has set the price range for its planned IPO at 24 to 28 euros per share.

This corresponds to a market capitalization of up to 1.265 billion euros, the company announced on Wednesday in Berlin.

The management board expects gross proceeds in the middle of the range of around 190 million euros.

The money should flow into innovation and growth.

This also includes the expansion of business in the USA and in new markets, as it was also said.

The offer starting this Wednesday is expected to end next Wednesday (September 22nd). The following Friday (September 24th) is planned as the first trading day. The offer comprises 7.3 million new shares as well as 4 million existing shares from current shareholders. If an over-allotment option is exercised, up to 1.7 million additional shares from certain existing shareholders could be issued.