As expected, domain name registrar and website hosting service GoDaddy recently filed for an initial public offering with plans to raise up to $100 million. Some of those funds will be used to pay off debt and for general corporate purposes according to a report from the Wall Street Journal.
The occasion marks GoDaddy’s second attempt at going public. The company went down this same path back in 2006 but pulled out of the deal when they weren’t able to get the price they wanted. Will this time be any different?
The filing offered a peek at the company’s finances and things aren’t exactly pretty. GoDaddy lost $279 million in 2012, another $200 million last year and $51 million during the first quarter of 2014. The good news, however, is that the trend is reversing and revenue is on the rise.
Debt started piling up in 2011 which led to three private equity firms, KKR & Co., Silver Lake Partners and Technology Crossover Ventures, getting involved. Jointly, they paid around $2.25 billion for a majority stake in the company.
Elsewhere, GoDaddy founder Bob Parsons announced he is stepping down from his role as executive chairman although he will retain a seat on the company’s board of directors. He resigned as CEO of the company in 2011.
The executive still owns roughly 28 percent of the company with KKR and Silver Lake owning 28 percent each as well. Technology Crossover Ventures, meanwhile, owns a 12 percent stake in GoDaddy.
No word yet on how many shares GoDaddy will offer, what their ticker symbol will be or which exchange they plan to list with.