GoDaddy goes for float with a $3bn price tag

 
Adam Hignett
WEB FIRM GoDaddy is expected to be valued at $2.9bn (£1.9bn) on its initial public offering (IPO), it was revealed yesterday.

The web hosting and domain registration company serves 12.7m customers and saw its revenues rise 23 per cent to $1.4bn in the year ending 31 December.

Net losses at the firm fell from $200m to $143m during the period.

The float comes at a time when the US IPO market has seen a sharp fall in the numbers of companies going public, being only the third tech company to list this year.

GoDaddy will be offering 22m class A shares when it goes public with the value per share estimated to range between $17 and $19 bringing the total raised to a maximum of $418m.

The company was founded in 1997 before being acquired by a private equity consortium led by Silver Lake Partners LP for $2.25bn.

GoDaddy’s desire to go public marks its second attempt at an IPO after initially filing to float in 2006 before withdrawing due to unfavourable market conditions.

The company is currently led by Blake Irving, who was Yahoo’s chief product officer between 2010 and 2012.

Shares in GoDaddy are to be listed on the New York Stock Exchange.

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