NEW YORK, United States — Shares of Etsy Inc, an online marketplace for handmade goods and craft supplies, more than doubled in their debut on Thursday, valuing the company at about $3.88 billion.The company’s initial public 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.
Founded in 2005 by Robert Kalin, Etsy has grown from a website selling just wooden goods to an online community where crafters and artists offer handmade and vintage goods. Etsy, which has 29 million items listed on its website, offers jewelry, stationery, clothing, home goods, craft supplies and vintage items.
The company’s revenue comes from listing fees and commissions on sales as well as from its advertising platform, payment processing and shipping services. Etsy, whose larger rivals include Amazon.com Inc, eBay Inc and Alibaba Group Holding Ltd, had 1.4 million active sellers and 19.8 million active buyers as of December.
The global online retail market is expected to grow about 17 percent to $1.5 trillion between 2013 and 2018, according to consumer market research firm Euromonitor……
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Image source: Etsy