Online craft marketplace Etsy is all set to go public Thursday, and sources tell Bloomberg’s Leslie Picker that its ~16.7 million shares will be priced at $US16 each.
That’s on the high-end of its marketed range of between $US14 and $US16 per share. That price would put its valuation around $US1.78 billion.
The company says it will use the proceeds from the IPO “for working capital and general corporate purposes, including continued investments in the growth of the business.” It also says that it will use $US300,000 to partially fund the non-profit Etsy.org, which it launched earlier this year, and a portion to build-out its new headquarters.
The decade-old, Brooklyn-based company generated $US195.6 million in revenue in 2014, up 56.4% from $US125.02 million in 2013, according to its S1.