E-retailer Wayfair values itself at over $2 billion
September 22, 2014 10:55 AM
Wayfair Inc., the online home furnishings retailer, has set its value at over $2 billion in documents filed in advance of its initial public offering of stock.
The e-retailer projected an initial share price of $25 to $28. As the company says there will be 82,756,943 shares outstanding after the IPO, that would value the company at between $2.07 and $2.32 billion.
Wayfair, No. 45 in the 2014 Internet Retailer Top 500, says it aims to sell 12.65 million shares, raising up to $354 million in the IPO. The e-retailer has applied to list its shares on the New York Stock Exchange under the symbol W.
The company filed documents in August that disclosed plans for the stock offering.
Company co-founders Niraj Shah and Steve Conine each own 28.51% of the company. Each own 20,646,253 shares worth more than $516 million at the $25 share price at the lower end of the projected IPO price. The founders self-financed the company until 2011, and have since raised $193 million in outside capital.
Wayfair says it generated revenue of $915.8 million in 2013, shipping 3.3 million orders to 2.1 million customers. It operates five e-commerce sites under the brands Wayfair, Joss & Main, All+Modern, Dwell Studio and Birch Lane.