Web hosting firm GoDaddy has priced its initial public offering (IPO) at $20 per share, which could take company’s market value to approximately $4.5bn.
The IPO is above the company’s earlier initial $17 to $19 per share range. GoDaddy looks to sell 23 million Class A common stock and has granted the underwriters a 30-day option to purchase a further 3,000,000 shares to cover any over-allotments.
With a price range of $20 a piece, the web hosting firm looks to raise about $440m, Reuters reported.
The company plans to use much of the proceeds from the IPO to repay some of its debt which came as a result of its 2011 buyout by private-equity companies Silver Lake, KKR & Co and TCV Investments.
Although GoDaddy‘s revenues increased by 23% to $1.4bn in 2014, it still posted a loss of $143.3m.
Morgan Stanley, J.P. Morgan Securities and Citigroup Global Markets are acting as lead joint bookrunners for the offering while Barclays Capital, Deutsche Bank Securities and RBC Capital Markets are acting as book-running managers for the offering.