GoDaddy files for public stock offering
Parsons steps down as company's executive chairman of the board
Web hosting company GoDaddy, with operations in Hiawatha, has filed with U.S. regulators to raise up to $100 million in an initial public offering of Class A common stock.
Morgan Stanley, J.P. Morgan and Citigroup are the lead underwriters for the IPO, the company told the U.S. Securities and Exchange Commission in a preliminary prospectus.
The filing did not reveal how many shares the company planned to sell or their expected price.
Scottsdale, Ariz.-based GoDaddy joins a number of high-profile tech businesses that have either gone public or filed to go public this year, following Twitter Inc’s successful debut last November.
GoDaddy, which had 12 million customers as of March 31, did not specify the exchange where its stock will be listed or the symbol it would adopt.
GoDaddy, founded by Cedar Rapids native Bob Parsons in 1997, was acquired by a private equity consortium led by KKR & Co LP and Silver Lake in 2011 for $2.25 billion. Each of the private equity firms owns a 28 percent stake in the company.
GoDaddys’s other private equity owners include Technology Crossover Ventures with about a 12.6 percent stake.
GoDaddy is led by Blake Irving, who also served as chief product officer at Yahoo Inc from 2010 to 2012.
In a separate statement, the company said Bob Parsons had resigned as executive chairman of the board.
GoDaddy filed to go public in 2006, but was told at the time that it would have to take a 50 percent haircut — a percentage subtracted from the par value of assets being used as collateral — on its initial public offering.
The company decided instead to pull its filing, citing unfavorable market conditions.
GoDaddy will use the proceeds from the offering to repay debt and for general corporate purposes, the company said.
The company’s net loss fell less than a percent to $51.3 million for the three months that ended March 31 from a year earlier. Revenue rose about 22 percent to $320.2 million.