Etsy Reportedly Eyeing a $300 Million IPO as Soon as This Quarter
In what could be one of the biggest initial public offerings to come out of New York’s startup scene in more than 15 years, online crafts marketplace Etsy is reportedly eyeing an IPO that could happen as soon as this quarter.
The company is looking to raise $300 million, Bloomberg reports -- which is more than any New York-based tech company has raised since the dot-com bubble circa 1999.
Goldman Sachs and Morgan Stanley are said to be working with the company on the offering.
Since its founding in 2005 by the artist Rob Kalin -- who was looking for a platform to vend his handmade computers built from wood -- Etsy has raised over $97.3 million and has been valued at over $1 billion.
The site currently lists 26 million total items, including handmade and vintage items, as well as art and supplies. It counts 43.9 million members and posted $1.35 billion in gross merchandise sales in 2013.
Etsy, which is currently helmed by Chad Dickerson, makes money by charging sellers 20 cents to list their products, on 3.5 percent commissions from each sale, as well as from advertising and payment processing revenues.