| Aug 18, 2014 |
Wayfair to offer public stock, places bid for $350 million
Boh staff
By Staff

Wayfair, the online home furnishings giant and parent company to Joss & Main and DwellStudio, filed for an IPO today to raise as much as $350 million. The price and number of shares were not disclosed.

Past funding rounds put the company's valuation at $2 billion (for 2.2 times sales). Wayfair's revenue jumped 50% in the first six months of 2014 to $574 million (from $383 million in the same period last year), but posted a net loss of $51.4 million for the first six-months of 2014, which was about six times its net loss of $8.3 million in the same period last year.

The company was founded in 2002 by Niraj Shah and Steve Conine (pictured below), each of whom own 28.9% of the company.

Headquartered in Boston, with additional locations in New York; Ogden, Utah; Hebron, Kentucky; Galway, Ireland; London; Berlin and Sydney, Wayfair employs more than 1,600 people and offers an extensive selection of home furnishings and décor across all styles and price points.

Throughout the past year, Wayfair has kept itself in the news by raising more than $150 million from private investors, raising an additional $36 million for its sister brand Joss & Main, acquiring the DwellStudio brand, launching the Birch Lane brand, offering an exclusive trade program for desginers and partnering with HGTV.

Wayfair plans to list its Class A common stock on the New York Stock Exchange under the symbol "W." The number of shares to be offered and the portion of the shares to be sold by Wayfair and existing stockholders have not yet been determined.

Goldman, Sachs & Co. is the lead bookrunning manager and representative of the underwriters for the offering. BofA, Merrill Lynch and Citigroup are acting as joint bookrunning managers. Allen & Company LLC, Pacific Crest Securities, Piper Jaffray & Co., Wells Fargo Securities LLC, Canaccord Genuity, Cowen and Company and Raymond James & Associates Inc. are acting as co-managers.

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