GoDaddy Debuts on NYSE Amid 2015's Slow Start for U.S. PE-backed IPOs
April 02, 2015
GoDaddy completed its IPO yesterday, offering 23 million shares at $20 each (above its expected price range) to raise $460 million. Listing on the NYSE under the symbol GDDY, the web domain marketplace and tech provider debuted up 31% and closed the trading session at $26.15. While GoDaddy is yet to post a profit, yesterday's closing price gave it a market cap of approximately $4 billion; the company reported a net loss of $143 million on revenue of nearly $1.4 billion in 2014. KKR and Silver Lake each held 27.9% pre-IPO stakes.
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While GoDaddy's IPO was met with enthusiasm, the offering follows a slow quarter for U.S. PE-backed companies going public. In 1Q, only four such companies completed flotations, a decline of more than 80% compared to 4Q 2014. It is interesting to note that the quantity of PE-backed IPOs in the U.S. has tended to alternate by quarter dating to 1Q 2013.
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