American eRetailer Etsy has raised $267 million in its initial public offering (IPO), ahead of its debut on the Nasdaq tomorrow.The official statement released today said that the company is pricing 16.66 million shares of its stock at $16 per share.
Etsy first began the IPO process by issuing its form S-1 on March 4, which was reported on iamWire. At the time, Etsy revealed that it was planning to raise $100 million through IPO listing.
According to VB, the company will carry out an unusual practice of putting aside 5% of its shares for community members and suppliers. The news cools down the rumours of Etsy being bought by Ebay, for now.
Founded in 2005, Etsy is a website that focuses on handmade and vintage items, as well as art and craft supplies. The items include art, photography, clothing, jewelry, edibles, quilts and toys.
The firm had raised a total funding of $97.3 million in 8 rounds from 14 investors. In May 2014, Etsy had secured $5.6 million. Also, it had acquired 5 companies including A Little Market, Grand St., Trunkt, Adtuitive and Lascaux Co. It claims to have 1.4 million active sellers on the site, with 19.8 million active buyers. Accel and Union Square Ventures are the shareholders of the company right now, respectively holding 27 percent and 15 percent of total shares.