Business

Wayfair files for a $350M initial public offering

Image Credit: Wayfair

Online home-goods retailer Wayfair has just filed its paperwork to trade on the public market.

In a filing with the U.S. Securities and Exchange Commission today, the company said it’s trying to raise as much as $350 million during the public bid. Wayfair didn’t give guidance on share offering prices.

Goldman Sachs, Bank of America Merrill Lynch, and Citigroup are leading up the underwriting for the IPO, along with Allen & Co., Pacific Crest Securities, Piper Jaffray, Wells Fargo Securities, Canaccord Genuity, Cowen and Co., and Raymond James.

Last year, Wayfair posted a $15.5 million loss off $915.8 million in revenue, according to today’s filing. In the past six months, the loss was $51.4 million, while revenue came in at $574 million.

Wayfair announced a $157 million funding round in March.

Competitors include One Kings Lane along with publicly traded companies like Amazon and eBay.

Wayfair claims 2.6 million active customers. The typical customer, according to today’s filing, “is a 35- to 65-year-old woman with an annual household income of $60,000 to $175,000, who we consider to be a mass-market consumer and who we believe is underserved by traditional brick-and-mortar and other online retailers of home goods.”

The company started in 2002 and is based in Boston. It employed the equivalent of 1,558 full-time employees — with full-time and part-time workers — at the end of 2013.

Investors include Battery Ventures, Great Hill Partners, and Spark Capital.

More information:

Wayfair.com offers a zillion things home – the largest selection of home furnishings and décor across all styles and price points. With an unparalleled selection of more than seven million home items from 12,000 brands, Wayfair.com ... read more »

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