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Etsy moves to become a public company
The online marketplace filed a registration statement with the SEC Wednesday relating to a proposed initial public offering of its common stock on NASDAQ under the ticker symbol “ETSY.”
Brooklyn, N.Y.--Online marketplace Etsy has taken its first step toward going public, though the number of shares to be offered and the price range for the proposed offering have not yet been determined.
The company filed a registration statement with the U.S. Securities and Exchange Commission on Wednesday, relating to a proposed initial public offering of its common stock on NASDAQ under the ticker symbol “ETSY.”
Etsy said it plans to reserve a portion of the shares to be sold in the offering through an IPO participation program for individual purchasers. The program will be administered by Morgan Stanley, which also is acting as joint book-running manager for the proposed offering along with Goldman, Sachs & Co.
Allen & Company is acting as co-manager.
According to its Form S-1 filing, Etsy generated revenue of $195.6 million in 2014, 56 percent more than the $125 million it made in 2013.
Etsy is seeking to go public with a single class of stock, according to Forbes, meaning management won’t be insulated from hedge fund investors of interested corporate buyers. The company also is looking to be the first publicly traded B-Corporation, meaning they have been certified by nonprofit B-Lab for social and environmental performance.
Etsy, which touts itself as a peer-to-peer e-commerce website focused on handmade and vintage items and supplies as well as unique factory-manufactured items, sells a range of products that includes fine jewelry.
The offering will be made only by means of a prospectus, Etsy said, and a preliminary copy may be obtained from Goldman, Sachs & Co. by contacting 1-866-471-2526 or prospectus-ny@ny.email.gs.com.
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