Company looks to raise money amid not-so-pretty finances
Web hosting company GoDaddy Inc. has filed for an IPO with the US Securities and Exchange Commission to raise up to $100m and use part of the proceeds to repay debt and for general corporate purposes.
The number of shares and price range is not yet disclosed.
Founded by Bob Parsons in 1997, GoDaddy's total capitalization stood at $1.83bn for the quarter ended March 31, with 11.9 million total customers. The company derives about 26% of its business from the international markets, specifically Canada, India and the UK.
Although GoDaddy's revenues rose to 24%, it reported a loss of $199.9m for 2013, bridging the gap from $279.3m a year earlier. This further came down to $51.3m as of March 31 while revenue jumped 22% to $320.2m.
28.1% stock of the 17-year-old company is held by a private equity consortium led by KKR & Co LP and Silver Lake which acquired the company in 2011 for $2.25bn. The company's other private equity owners include Technology Crossover Ventures with about 12.6% stake.
GoDaddy initially filed to go public in 2006 but pulled out, citing unfavorable market conditions.