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GoDaddy initiates IPO

MUMBAI: GoDaddy, the Scottsdale internet domain registration company, has filed a registration statement on Form S-1 with the US Securities and Exchange Commission relating to a proposed initial public offering.

 

According to a press statement issued by the company, the number of shares to be offered and the price range for the offering has still not been determined. The company announced the filing in a tweet.

 

International news websites have stated that GoDaddy has notified the Securities and Exchange Commission that it could raise about $100 million in an IPO.

 

Morgan Stanley, JPMorgan Chase and Citigroup are leading the offering. Among the list of underwriters is KKR’s capital markets arm. He will remain as executive board chairman.

 

In another recent development, the company also announced that its founder, Bob Parsons, will step down as executive chairman. GoDaddy was founded in 1997 and was bought in 2011 by a group of private-equity firms, led by KKR and Silver Lake, for $2.3 billion including debt.

 

There have been reports that GoDaddy has reported a loss of $200 million or 79 cents a share on revenue of $1.13 billion in 2013. As of 31 March 2014, it reported assets of $3.25 billion against liabilities of $2.42 billion, including $1.09 billion in long-term debt.

 

It was in the year 2005 that GoDaddy caught the attention of the world with its racy ads splashed during Super Bowl. Though the brand is known for its outrageous and funny ads in the last couple of years it has toned down its marketing. 

 

It will be interesting to see how GoDaddy will reposition itself post IPO.

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