Online marketplace for handmade and vintage items, Etsy Inc., is said to have set its sights on an initial public offering, which could occur within this quarter, according to people familiar with the matter.
The Brooklyn-based firm is said to working with Morgan Stanley and Goldman Sachs Group Inc. on the IPO, which is poised to become the largest technology IPO to come from New York since 1999. Etsy is said to seeking to raise roughly 300 million dollars in the sale. The last technology company to hail from New York and raise over 300 million dollars was online broker TD Waterhouse Group Inc. and Barnesandnobles.com, the online spin off version of the bookstore firm.
Etsy was founded by Rob Kalin, photographer, painter and carpenter in 2005, after he struggled to find the right place to sell his handmade wooden computers. Since then the global marketplace has grown and currently has approximately 26 million items listed for sale online, including hand knitted Alpaca cardigans and woven shawls. The online marketplace charges it's sellers 20 cents to list their wares and takes a 3.5 percent commission from each item sold.
The global firm also brings in revenue from its advertisements and payment processing, posting 1.35 billion dollars in gross merchandise sales in 2013, according to its website. Etsy is thought to release a prospectus for the IPO this month, including more financial details, according to people close to the company, who asked not to be identified when speaking to BOF.