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Crafts Marketplace Etsy Files for IPO

The company said it intends to raise $100 million.

Charles & Hudson / Flickr / Creative Commons

Etsy, which operates a website that sells handmade goods and craft supplies, filed with U.S. regulators on Wednesday for an initial public offering of common stock.

Goldman Sachs, Allen & Co. and Morgan Stanley are underwriting the IPO. In a preliminary prospectus files with the SEC, Brooklyn, N.Y.-based Etsy said it intended to list on the Nasdaq Global Select Market under the symbol “ETSY.” The company said it intended to raise up to $100 million from the IPO, but the filing did not reveal how many shares it planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Etsy, which was founded in 2005, employs 685 people and has 29 million items listed on its website. The company recorded total revenue of $195.6 million and gross merchandise sales of $1.93 billion in 2014.

The company charges a 20-cent listing fee for each item on its site and a 3.5 percent fee for each completed sale. It also earns from seller services such as its advertising platform, payment processing and shipping labels.

(Reporting By Sudarshan Varadhan; Editing by Simon Jennings)

This article originally appeared on Recode.net.