Etsy Prices IPO At Upper End Of Range

(RTTNews) - Etsy Inc (ETSY), an online marketplace for crafts and vintage goods, on Wednesday said it has priced its initial public offering of about 16.67 million shares at $16.00 per share, the upper end of its estimated range of $14.00 to $16.00 per share.

Etsy shares are expected to begin trading on the Nasdaq Global Select Market on April 16 under the symbol "ETSY."

The company is offering about 13.33 million shares and selling stockholders are offering nearly 3.33 million shares in the IPO. Etsy will not receive any proceeds from the sale of shares by the selling stockholders.

Also, selling stockholders have granted the underwriters a 30-day option to purchase up to about 2.5 million additional shares.

Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering, which is to close on April 21.

Etsy's website covesr a wide range of items, including art, photography, clothing, food, toys and beauty products. Sellers also sell craft supplies such as beads, wire and jewelry-making tools. The site follows in the tradition of open craft fairs, giving sellers personal storefronts where they list their goods for a fee.