GoDaddy Inc., the provider of domain names and website hosting, is seeking a valuation of as much as $2.87 billion in an initial public offering.
The company is offering 22 million shares at $17 to $19 apiece to raise as much as $418 million, a regulatory filing shows. GoDaddy is seeking a market value between $2.57 billion and $2.87 billion, according to Thursday’s filing.
GoDaddy’s IPO comes more than three years after a group led by KKR & Co. and Silver Lake Management acquired the Scottsdale, Ariz.-based company for $2.25 billion. Now that the price range is set, GoDaddy officially can begin marketing the sale to investors.
In 2014, GoDaddy posted $1.39 billion of revenue, a 23 percent jump from the prior year. Its net loss narrowed to $143.3 million over the same period, from $200 million in 2013, the filing showed.
GoDaddy plans to use the proceeds for a one-time payment to KKR, Silver Lake and other current owners, as well as to repay debt and for general working purposes.
Morgan Stanley, JPMorgan Chase & Co. and Citigroup Inc. are managing the offering. GoDaddy plans to list its shares on the New York Stock Exchange under the symbol GDDY.
