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Morgan Stanley

Artisanal retailer Etsy files IPO docs

Kaja Whitehouse
USA TODAY

Online retailer Etsy, known for its handmade crafts, filed documents on Wednesday confirming plans by the Brooklyn-based company to go public.

Etsy didn't say how many shares it intends to sell in the offering, but said it seeks to raise at least $100 million worth selling its stock, which will then trade under the ticker symbol ' ETSY.'

The offering is being handled by Goldman Sachs, Morgan Stanley and boutique investment bank Allen & Company, according to Etsy's filing with the Securities and Exchange Commission. Etsy, founded in 2005, also plans to reserve a portion of the shares to be sold for individual purchaser through a program to be run by Morgan Stanley, it said.

Wednesday's filing offered a sneak peak into Etsy's sales.

The company had 1.4 million active sellers and 19.8 million active buyers as of the end of 2014, it said.

Those sellers generated $1.93 billion in sales, excluding shipping fees and cancellations, in 2014 — up 43.3% over 2013. Total revenue for the year was $195.6 million, up 56.4% over 2013.

Despite the strong sales growth, Etsy is not yet profitable. The company, which is filing its IPO under the JOBS Act, generated a net loss last year of $15.2 million, up from a net loss of $0.8 million in 2013.

The JOBS Act has made it easier for small, growing companies that may not yet be profitable, like Twitter, to raise money in an IPO.

Etsy said 36.1% of its 2014 sales came from purchases made on mobile device,s and 30.9% came from an Etsy seller or an Etsy buyer outside of the United States.

Image from Etsy's initial IPO filing on Wednesday, March 4th
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