GoDaddy IPO values
company at $4.5 billion
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[April 01, 2015]
By Olivia Oran, Greg Roumeliotis and Liana B. Baker
(Reuters) - Web hosting company GoDaddy Inc
has priced its initial public offering at $20 per share, above its
previously indicated $17 to $19 per share range, valuing it at around
$4.5 billion, including debt, according to underwriting sources.
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At this price, the IPO would raise $440 million. A GoDaddy spokesman
did not immediately respond to a request for comment.
Shares in GoDaddy are expected to start trading on Wednesday and
list on the New York Stock Exchange under the symbol "GDDY."
Other tech IPOs this year include online data storage provider Box
Inc, whose shares have dropped since the company's market debut in
January.
More Internet-focused companies are expected to go public soon. Etsy
Inc, which operates a website that sells handmade goods and craft
supplies, said Tuesday its initial public offering was expected to
be priced at $14-$16 per share, valuing it at $1.78 billion.
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GoDaddy, whose Super Bowl commercials once featured race car driver
Danica Patrick and super model Bar Rafaeli but have since been toned
down its advertising, added more than 1.1 million customers last
year.
The company was founded in 1997 and in 2011 was acquired by a
private equity consortium led by KKR & Co LP and Silver Lake
Partners LP for $2.25 billion, including debt.
It has since expanded from its roots in internet domains to provide
services to small and medium-sized businesses such as website
building and web hosting.
GoDaddy's revenue has risen about 52 percent in last three years to
about $1.4 billion and net loss has narrowed to $143.3 million in
2014, from $279 million in 2012.
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The company had about $1.3 billion in long term debt on an adjusted
basis, as of Dec. 31.
It competes with Endurance, United Internet, Web.com and companies
like Amazon.com Inc, Google Inc and Microsoft Corp, which have
recently entered the domain name registration business.
GoDaddy filed for an IPO in 2006 and later withdrew it, citing
unfavorable market conditions, the same year Google Inc launched its
free web hosting service, Google Page Creator.
Morgan Stanley, JP Morgan Securities and Citigroup were lead
underwriters to the IPO.
(Additional reporting by Neha Dimri in Bengaluru; Editing by Cynthia
Osterman)
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