Online retailer Etsy files for IPO valued at up to $100M
NEW YORK (AP – March 4, 2015) — Online retailer Etsy is filing for an initial public offering of stock valued at up to $100 million.
The Brooklyn-based company was founded in June 2005 as a marketplace for handmade goods and craft supplies. Originally called Indieco, it changed its name to Etsy a year later.
It says it had $195.6 million in revenue in 2014, up 56 percent from 2013, and almost 20 million people made at least one purchase through Etsy last year.
It reported losses of $15.2 million in 2014 and $800,000 in 2013.
The company says it will use proceeds from the IPO for working capital and general corporate purposes.
Etsy Inc. plans to list its shares on Nasdaq under the ticker symbol “ETSY.”