GoDaddy files for IPO

The Internet company says it plans to raise as much as $100 million in the offering.

By MSN Money Partner Jun 10, 2014 12:48PM
Credit: © M4OS Photos/Alamy

Caption: Close up of the Go Daddy logo as seen on its websiteBy Anne Pallivathuckal, The Wall Street Journal

Internet company GoDaddy Inc. filed for its initial public offering and said it plans to use part of the proceeds from the IPO to repay debt and for general corporate purposes.

GoDaddy indicated in its regulatory filing that the number of shares to be offered and the price range for the proposed deal haven't yet been determined. It said it plans to raise up to $100 million, but that is a placeholder amount used in deciding registration fees and will likely change.

The Scottsdale, Ariz., company, which provides domain-name registration and website-hosting services, listed Morgan Stanley (MS), JPMorgan (JPM) and Citigroup (C) among its underwriters for the IPO.

The 17-year-old company, which initially drew attention for its edgy commercials featuring scantily clad women, reported a loss of $199.9 million for 2013, narrowing from $279.3 million a year earlier, while revenue rose 24 percent.

For the quarter ended March 31, it posted a slightly narrower loss of $51.3 million and a 22 percent revenue increase to $320.2 million. About 26 percent of its customers were located in international markets, notably Canada, India and the U.K, the company said.

GoDaddy, founded by Bob Parsons in 1997, said it had 11.9 million total customers and bookings of $438.5 million for the quarter ended March 31. It listed its total capitalization at $1.83 billion as of March 31.

Mr. Parsons and his investment group own 28.1 percent of GoDaddy Class A stock, according to the filing.

KKR Co. (KKR), Silver Lake and Technology Crossover Ventures acquired GoDaddy in 2011 for $2.25 billion. Affiliates of KKR and Silver Lake each own 28 percent of GoDaddy, while TCV has 12.6 percent.

Following the IPO, affiliates of certain board members will control more than a majority of the combined voting power of its stock, the company said.

GoDaddy, which doesn't intend to pay dividends for the foreseeable future, said Chief Executive Blake Irving's total compensation for 2013 was $10.8 million, while Chief Financial Officer Scott Wagner's total compensation was $9.8 million.

More from The Wall Street Journal

Jun 10, 2014 1:46PM
Only in America can you lose $199 million, have a ceo that makes millions, and be considered a success.  In other parts of the world this is what we would call a shell game, ponzi, or pyramid scheme.
Jun 10, 2014 1:18PM

That's just SUPER!!! Yet another non-product IPO that..."reported a loss of $199.9 million for 2013!!!"

I'll bet those savvy 'investors' will be all over this clusterf***! Yessirree!!!

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