It’s Go IPO Time – GoDaddy stock up 31% from opening price
This isn’t an April Fool Joke, GoDaddy finally announced its IPO on the New York Stock exchange and within hours the stock rose 31 percent.
Under the ticker symbol “GDDY”, GoDaddy’s class A common stock launched to the public at a quoted $20 dollars a share, fluctuated throughout the day between $25.49 and $26.84, and finally closing at $26.15, a 30.75 percent increase.
According to USA Today, while GoDaddy hasn’t raised a profit since 2009 and stated a loss of $143 million last year for a total of $622 million in the past three years, the company is now valued at $4 billion.
According to the Wall Street Journal GoDaddy originally planned to sell 22 million shares at $17 to $19 and then changed it to 23 million at $20.
“We are delighted to welcome GoDaddy to the NYSE’s community of the world’s best companies and leading brands,” said NYSE Group President Thomas W. Farley. “GoDaddy is an innovator, providing millions of individuals and businesses around the globe with the technology platform, tools and customer support to grow and run their ventures. We congratulate the GoDaddy team on this milestone and look forward to serving the company and its shareholders.”
Out of the 23 million shares sold it also “includes 2,500,000 shares of Class A common stock that are being purchased at the initial public offering price by certain entities affiliated with the principal beneficial holders of its Class A common stock. All of the shares are being offered by GoDaddy. In addition, GoDaddy has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of Class A common stock to cover over-allotments, if any” as stated by GoDaddy’s press release.
What has GoDaddy been up to for the last year?
In 2015, GoDaddy appointed new chief customer officer, chief marketing officer and SVP of digital marketing. The company also released a new product in the GoDaddy Online Store, an all-inclusive e-commerce solution that will help owners, tech savvy or not, build their website with simple, elegant and professional designs.
In 2014, GoDaddy opened their new Global Tech Center in Tempe, released unique domain names such as .photographer.
Photo contribution Valerie Caviness/New York Stock Exchange
Contributions from Wall Street Journal, USA Today and NYSE