Jul
08
2014
On Monday, GoDaddy Hosting filed the necessary paperwork with the U.S authorities for an IPO to raise around 100 million dollars by selling Class A common shares.
The IPO's lead underwriters include JPMorgan, Morgan Stanley and Citigroup, according to a preliminary prospectus submitted to the U.S SEC.
However, the filing did not include details of the expected share price or the number of shares the company plans to sell.
GoDaddy Inc. joins Twitter Inc. and other tech companies that have had successful IPO's in the last one year.
The company, which had a customer base of 12 million as of March, did not reveal the exchange where the IPO will be launched or the symbol it intends to adopt.
The first hint of an IPO was reported in March by Reuters and people are eagerly waiting for the offer as they continue watching adverts featuring Danica Patric, the race car driver.
Founded in 1997 and based in Scottsdale, Arizona, GoDaddy Inc. was acquired in 2011 for 2.25 billion dollars by a private equity consortium that included Silver Lake and KKR & Co LP. Each of these firms commands a 28 percent stake in the firm.
Technology Crossover Ventures is the other private equity firm that owns GoDaddy Inc. with a 12.6 percent stake.
Blake Irving, Yahoo's chief product officer from 2010 to 2012 heads GoDaddy Inc.
Aside from their IPO plans, the company also revealed that Bob Parsons, the firm's founder had resigned as the boards executive chairman.
GoDaddy was to go public in the year 2006 but, they were told that they were not yet ready.
The company withdrew its application for an IPO until market conditions are favorable.
The proceeds of the IPO will be used for general corporate purposes as well as to repay the company's debts.