GoDaddy IPO Values Company at $4.5 Billion

Web hosting company GoDaddy has priced its initial public offering at $20 per share, above its previously indicated $17-$19 per share range, valuing it at around $4.5 billion, including debt, according to underwriting sources.

At this price, the IPO would raise $440 million. A GoDaddy spokesman did not immediately respond to a request for comment.

Shares in GoDaddy are expected to start trading on Wednesday and list on the New York Stock Exchange under the symbol “GDDY.”

Other tech IPOs this year include online data storage provider Box, whose shares have dropped since the company’s market debut in January.

More Internet-focused companies are expected to go public soon. Etsy, which operates a website that sells handmade goods and craft supplies, said Tuesday its initial public offering was expected to be priced at $14-$16 per share, valuing it at $1.78 billion.

GoDaddy, whose commercials once featured race car driver Danica Patrick and supermodel Bar Rafaeli but have since been toned down, added more than 1.1 million customers last year.

The company was founded in 1997 and in 2011 was acquired by a private equity consortium led by KKR & Co. and Silver Lake Partners for $2.25 billion, including debt.

It has since expanded from its roots in Internet domains to provide services to small and medium-size businesses such as website building and Web hosting.

GoDaddy’s revenue has risen about 52 percent in the last three years to about $1.4 billion, and net loss has narrowed to $143.3 million in 2014, from $279 million in 2012.

The company had about $1.3 billion in long term debt on an adjusted basis as of Dec. 31.

It competes with Endurance, United Internet, Web.com and companies like Amazon, Google and Microsoft, which have recently entered the domain name registration business.

GoDaddy filed for an IPO in 2006 and later withdrew it, citing unfavorable market conditions, the same year Google launched its free Web hosting service, Google Page Creator.

Morgan Stanley, JP Morgan Securities and Citigroup were lead underwriters to the IPO.

(Additional reporting by Neha Dimri in Bengaluru; Editing by Cynthia Osterman)

This article originally appeared on Recode.net.

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