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In times of few IPOs in the U.S., domain name registration and website hosting giant GoDaddy Inc. has filed for an initial public offering of at least 22 million Class A shares. The offering is expected to be priced between $17 and $19 a share, valuing the company at up to $2.87 billion –-with a midpoint of $2.72 billion.
The Class A shares will be listed on the New York Stock Exchange, under the ticker symbol GDDY. The holders of the Class B shares will have voting control over the company.
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This is not the first time that GoDaddy sought to go public. In 2006, it made a first attempt, but didn't succeed.
In December 2011, private equity firms KKR & Co. and Silver Lake Partners, along with venture capital firm Technology Crossover Ventures, acquired the company for $2.25 billion. After the purchase, Go Daddy filed again to go public, in June 2014.
A Reuters article states that this has been a slow year in the IPO market, with only two tech IPOs.
"IPO analysts expect GoDaddy, which manages about a fifth of the world's Internet domains, to fare better than Box Inc (NYSE: BOX) [which is down almost 26 percent since IPO] due to demand for stock offerings from well-established brands with steady revenue streams," it explained.
GoDaddy has been in business since 1997, while Box was founded in 2005.
Morgan Stanley, JPMorgan Chase and Citigroup will act as GoDaddy's IPO underwriters.
Image credit: Marco Becerra, Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.