He included a statement which said Etsy planned to reserve a portion of the shares to be sold through an IPO participation program for individual purchasers, who must be US residents to participate.
Etsy’s IPO has been widely anticipated since founder Rob Kalin told the Wall Street Journal he planned to eventually take it public in 2010. CNN has reported that Etsy plans to raise US$100 million in the listing, and says around 1.4 million people currently use the website. The company recorded $108.7 million in revenue during 2014, incurring net losses of $15.2 million.
Similar to Trade Me, Etsy functions as an online marketplace where sellers list items. Sellers are restricted to handmade goods, vintage items which are 20 years old or older, and craft supplies.
Etsy makes money by charging each seller US$0.20 to list each item, and taking a 3.5 percent success fee when the item sells. It claims it has 30 million buyers and creative businesses taking part.
New Zealand sellers are a relatively small part of Etsy, with just under 30,000 items listed by Kiwi stores. A search for “New Zealand” reveals interesting perspectives like the above art print – part of a series which stretches as far as Neptune! Etsy as a whole currently offers around 21 million items.