GoDaddy Inc, the web hosting company went public and is currently at 31% debut in the New York Stock Exchange (NYSE) and still rising. GoDaddy placed it’s IPO initially at $20 per share on 1st April and is going strong under its ticker GDDY at NYSE.
It planned to sell around 23 million shares with an initial capital gain of $460 million but at 31% above its it’s starting price, it’s climbing up to reach the $6.3 billion mark which is more than what expected. It expected it’s price of offering at IPO between $17 – $19 per share.
GoDaddy, backed up and supported by private firms – KKR, Silver Lake Management and Technology Crossover Ventures showed a whooping 195% gain on Wednesday end which also included a dividend which they acquired last year.
“We have invested, and expect to continue to invest, substantial resources to increase our brand awareness,” GoDaddy told in its IPO prospectus.
“Most small businesses have fewer than five employees, and most small-business owners identify themselves as having little to no technology skills,” the company said in its IPO filing.
GoDaddy currently serves 12.7 million users, from private firms to internet hobbyists with wide range of services including payments, domain name registration, mobile web accessibility and much more. Back in 2014, the company had a gain of $1.4 billion with average losses at $143 million but the increasing numbers in its IPO shares currently can flip things upside down , giving it a worthy profit to clear off its large debts and losses.
Featured image : usatoday.com)