Business

Free HTML 5 web development company Wix files for $100M IPO

Image Credit: Wix

Web development company Wix filed to go public in the U.S. today. The company, which is based in Israel, gives people to tools to build HTML 5 websites for free.

The company would like to get $100 million in its IPO, but of course, this is subject to change as it gets closer to pricing the shares.

Wix launched in 2006 and acts as a platform as a service that lets customers create websites using its drag-and-drop tools and design templates. The websites are made to work with desktop viewers as well as on tablet and mobile. Currently, Wix has over 38 million users and touts the websites as being “Google friendly.”

Wix makes money through its “premium” paid service of which it has 679,536 subscriptions as of the time of the filing — less than two percent of the business. The company offers monthly and yearly plans, including an eCommerce plan for selling products on your site and an “unlimited bandwidth” plan that comes with advertising vouchers and a free domain. Each costs $16 a year and $12 a year respectively.

The compay made $43.7 million in 2012, but suffered a net loss of $15 million. In the six months ended June 30, 2013, the company made $24.1 million, but sustained a net loss of $10.1 million.


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