Dive Brief:
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In one of the few retail IPOs so far this year, artisan marketplace Etsy shares began trading on the Nasdaq Global Select Market on Thursday under the symbol "ETSY," making it just one of two Brooklyn-based publicly traded companies. Chairman & CEO Chad Dickerson rang the opening bell.
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UPDATE: Shares of common stock were priced at $16 per share, raising some $267 million. The stock opened at $31 and nearly doubled its opening price on day one for a high of $34.54, valuing the company at $4 billion.The retailer is now the largest publicly traded company qualified as a B Corp.
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In an unusual move that is a nod to its many small sellers, Etsy has set aside 5% of shares to sell to vendors and other small investors through a special setup where participants can offer to buy between $100 and $2,500 worth of Etsy stock, with typical account fees waived.
Dive Insight:
With its IPO, Etsy has opened a significant new chapter and with that a balancing act that has already been somewhat difficult. That is, keeping its artisanal focus and maintaining that important aspect of its brand while growing its reach and its sales.
That was noted by Etsy itself in its own pre-IPO filings: "The authenticity of our marketplace and the connections within our community are important to our success. If we are unable to maintain them, our ability to retain existing members and attract new members could suffer.”