Those hand knitted sweaters and vintage earrings are finally paying off: Etsy is reportedly preparing to go public.
The indie marketplace, where shoppers can buy homemade crafts and vintage goods, is reportedly looking to raise $300m as soon as this quarter, a source told Bloomberg. The Brooklyn-based e-commerce company is apparently working with Goldman Sachs Group Inc and Morgan Stanley on the IPO.
While many New York tech startups have yet to see the big paydays of their Silicon Valley brethren, Etsy chief executive Chad Dickerson has long hinted that an IPO was on the horizon.
“An IPO is a possible outcome for Etsy,” Dickerson told the Associated Press in May. “We don’t have any plans in the next year. We’re focused on building a company. We do want to stay independent. We think it’s really important to continue to serve our community and we think independence really matters. We’re not the traditional Silicon Valley type of company, where we just have this blood thirst to go public, but it’s definitely a possible outcome.”
On Etsy, shoppers can browse for items like knitted dog sweaters made to order for $30.95, or a reclaimed wood table set made of recycled materials for $995. The company, which was founded in 2005, has been profitable since 2009.
Etsy told the Guardian it could not immediately comment on any plans for a public offering.
This article was written by Lauren Gambino, for theguardian.com on Wednesday 14th January 2015 17.29 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010