GoDaddy has set a price range for its Initial Public Offering, which could see it raise up to $418 million. This would give the company a market value of around $3bn.
The company will be offering 22 million shares to the public at a value of between $17 and $19 apiece.
Much of the proceeds from the IPO will go towards repaying some of the company debt which came as a result of its 2011 buyout by private-equity firms Silver Lake, KKR & Co and TCV Investments.
However, the main purpose of the offering is to reintroduce the company to investors and customers. It is expected that the private-equity investors won’t be selling any of their stakes and may instead increase their shares.
GoDaddy, Chief Executive, Blake Irving, said: "There’s more to our story than you may know. Most people still don’t know what GoDaddy is. So where we’re putting our advertising and brand dollars is explaining who we are and what we do."
Although GoDaddy‘s revenues rose last year by 23% to $1.4 billion, it still posted a loss of $143.3 million.
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