The word in the media is that Etsy's upcoming IPO will put "New York tech back on the map," according to a recent Bloomberg headline. The sentiment has been echoed by other outlets like Fast Company, which says this could be the biggest New York tech IPO since 1999.
So we thought we would put that theory to the test and take a look at how Etsy compares to some of the big New York tech IPOs of 1999.
When it comes to the return of New York's tech scene, we've heard this hubbub before. At the end of last year, OnDeck Capital raised $200 million during its initial offering, putting the company's valuation in the realm of $1.3 billion, according to the New York Times. OnDeck Capital hooks small businesses up with short-term loans ranging from $5,000 to $150,000, and with a faster turnaround than your average bank. The company's debut on the stock market was also heralded as the biggest IPO since 1999.
But Etsy, an e-marketplace for unique goods, is valued at $1.7 billion and will be seeking $100 million during its initial public offering, according to its SEC filing.
So how does that compare to tech companies going public in 1999? We've put together a chart of a few major dot-com era IPOs alongside a potential Etsy IPO. Here's how they stack up:
iVillage
A true New York City startup, iVillage was a content hub for women. Its auspicious debut on NASDAQ saw share prices skyrocket from $24 a share to $95.88 during the first trade, according to CNet. The company ended the day with a $2.2 billion market valuation, the New York Times reported.
The company was aiming to reach $87.6 million and touted a $555 million market cap.
Priceline
This next one is not technically a New York tech company (it's based in nearby Connecticut). Online travel booker Priceline raised roughly $115 million during its IPO. The stock price debuted at $16 a share and closed at $69 a share by the end of the day. The company closed out the day with an $11.8 billion market cap according to the Motley Fool.
Barnes&Noble.com
Barnes&Noble.com raised $486 million during its IPO, with stock priced at $18 a share, according to the company's FAQ.
TD Waterhouse
Just for fun, I've also included the Canada based TD Waterhouse. In 1999, TD Bank spun off this brokerage firm with 42 million shares of stock in an initial public offering. On the NYSE, stock was priced at $24 a share. During its IPO the company earned $1 billion.
According to this chart, Etsy could certainly be in among some notable 1999 IPOs. However, if Bloomberg's sources are right, Etsy may raise more in the realm of $300 million, placing it closer to Barnes&Noble.com.
And the biggest New York tech IPOs could be yet to come. App Nexus, an ad-tech firm that's made two acquisitions in the past year, was recently valued at $1.2 billion, according to a Forbes report. Though the company hasn't yet filed for its IPO, many expect the company could issue a public offering sometime this year.
There are still other companies that may yield equally, if not more successful IPOs later this year, like Gilt and Yext, if they choose to make a go of it. While all of this bodes well for New York's tech scene, these IPOs are not enough to knock Silicon Valley from its tech IPO throne.
New York is still a distant second to California when it comes to the number of tech IPOs in a given year. Last year, 315 tech companies in California went public, compared with 69 in New York, according to a recent report from CBInsights.
New York's tech scene may start to measure up to the old glory days, but it still has a long way to go if it wants to rival Silicon Valley.