Etsy plans to price initial public offering of stock

Proceeds to finance working capital, general corporate purposes

By Toni Weeks

San Luis Obispo, Calif., March 4 – Etsy, Inc. plans to conduct its initial public offering of stock, according to a press release. The deal will have a greenshoe.

The number of shares and the price range for the proposed offering have not yet been determined. The company registered $100 million of the shares in an S-1 filing with the Securities and Exchange Commission on Wednesday.

Goldman Sachs & Co. and Morgan Stanley & Co. LLC are acting as joint bookrunning managers. Allen & Co. is the co-manager.

According to the press release, the company plans to reserve a portion of the shares to be sold in the offering through an IPO participation program for individual purchasers. Morgan Stanley will administer this offering.

Proceeds will be used for working capital and general corporate purposes, including continued investments in the growth of the business. The company says it will use $300,000 of the proceeds to partially fund Etsy.org, a non-profit organization formed last month whose goal is to educate women and other under-represented entrepreneurial populations and empower them to build businesses that regenerate communities and the planet. Proceeds may also be used to fund the build-out of the company’s new corporate headquarters and for acquisitions.

The company intends to list its shares on the Nasdaq under the symbol “ETSY.”

Brooklyn, N.Y.-based Etsy is an online and offline marketplace for unique goods.

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