After it priced its shares a little over the market range, host name giant Go Daddy raised around $ 460 Million in a public offering, according to Bloomberg.
For 18 years, Go Daddy has provided host names and domain names to companies. For its initial public offering, it is selling 23 million shares, each for $20; the stock being listed in the New York Stock Exchange with the symbol GDDY. This stock will begin its trading this Wednesday. Go Daddy has stated that it has raised the value of its share due to high investor demand in GDDY.
Go Daddy is not a private firm, it is financed and looked upon by various private equity firms; Silver Lake Management and KKR & Co being the majority of those companies, which acquired go daddy by majority of stakes in the year 2011. Go Daddy is planning to go ahead with the plan of paying the buyout firms, the other stock holders of GDDY are in no mood to sell their stock yet, according to the report.
Go Daddy was founded by Bob Parsons in the year 1997 and since then, the company has over 13 million customers; and in the last year alone, Go Daddy made a profit of almost $ 1.39 billion.
Currently, Morgan Stanley, JPMorgan Chase. and Citigroup manage the offering for Go Daddy.
Further reported by The Street, that once a company raises its IPO more than its current market value, its shares begin to go into trade from the very next day; hence experts are expecting the trade for GDDY to open this Wednesday.
Also, Go Daddy currently ranks as the second largest technology IPO for this year after Inovalon.