We reported yesterday that Etsy was now valued at around $1.78 billion, but now that number looks to be closer to $4 billion. The website acts as an online marketplace for handcrafted and vintage goods and makes its money with a small listing fee, a small cut of the sales, and a bit of advertising, all of which managed to bring in $195.6 million in revenue last year.
Shares of Etsy, an online marketplace for handmade goods and crafts, more than doubled in their debut on Thursday, valuing the company at about $4 billion. The company’s offering of about 16.7 million shares raised about $267 million, after it was priced at the top end of the expected range of $14-$16. “There is demand within the niche they operate in for unique handcraft and vintage goods,” Wedbush Securities analyst Gil Luria said, starting coverage with a “neutral” rating. Brean Capital started with a “buy” rating, citing Etsy’s “differentiated products” and popularity on social networks such as Facebook. Etsy’s shares were up more than 80 percent at $29 in midday trading. The stock, which was the top percentage gainer on the Nasdaq, opened at $31 and touched a high of $35.74.
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