GoDaddy has priced its soon to be initial public offering at between $17 and $19 a share on Thursday. That sets the stage for the host of websites and a domain registrar on the Internet to raise up to $418 million.
The company, based in Scottsdale, Arizona will offer as many as 22 million shares, according to a filing with the Securities and Exchange Commission that updated plans for the IPO filed this past June.
The online giant expects to be valued at approximately $2.7 billion based upon the amount of Class A and B shares that will be outstanding following the offering.
The filing opens the door for GoDaddy to formally market its IPO to potential investors. The company said shares would be traded on the New York Stock Exchange using the symbol GDDY.
Along with core business, the website is popularly known for its much talked about always edgy ads for the Super Bowl, along with sponsoring Danica Patrick’s NASCAR Sprint Cup racing team.
According to this SEC filing, the company earned $1.4 billion of revenue in 2014, which was up from just $74 million during 2010 and $1.39 billion during 2013.
GoDaddy narrowed a string of losses from just over $200 million during 2013 to last year’s $143 million, showed the filing.
GoDaddy has just over 12.7 million customers through the end of 2014, reported the company. The firm, which was closely held, agreed to be bought out by KKR, Technology Crossover Ventures and Silver Lake Partners all private equity companies in a deal during 2011 that was valued at nearly $2.25 billion, including all debt.
Bob Parsons, the founder of GoDaddy remained the largest shareholder of the company as part of the transaction. GoDaddy will use its proceeds from its IPO on one-time payments to Silver Lake, KKR and other investors currently with the company, the filing to the SEC showed.