It turns out Wall Street investors like those homespun crafts. Etsy, the online marketplace for handmade goods, went public today. Shares opened at $31 on the NASDAQ, popping up 94 percent from the initial set price of $16 per share. The company closed its first day of trading at $30 per share, an 86% percent rise from its initial price.
The company raised over $287 million by selling 16.7 million shares before trading, valuing the company at nearly $1.8 billion. Stock went up close to $35 by mid morning. Etsy is now worth more than $3.5 billion.
The handmade crafts company is not yet turning a profit, but has seen year-over-year growth in revenue for the past few years, rocketing from $74.6 million in 2012, to $125 million in 2013 and to $195.59 million last year. It had 1.4 million active sellers and 19.8 million active buyers as of December.
The Challenged Craft
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