Online home-furnishings retailer Wayfair files for $350 million IPO
(Reuters) - Online home-furnishings retailer Wayfair Inc is seeking to raise $350 million in an initial public offering of its Class A common stock, the company said in a regulatory filing on Friday.
The Boston-based company owns brands such as online flash sales site Joss & Main, modern furnishings studio Dwell Studio and Birch Lane and offers more than 7 million products.
It counts funds affiliated with Battery Ventures, HarbourVest Partners and Great Hill Partners among its stockholders.
Wayfair, founded in 2002, intends to list its shares on the New York Stock Exchange under the symbol "W", it said in a filing with the U.S. Securities and Exchange Commission. (bit.ly/1oB4U4S)
The filing did not reveal how many shares the company planned to sell or their expected price.
The company plans to use the proceeds from the offering for investment and acquisition purposes.
Goldman Sachs & Co, BofA Merrill Lynch, Citigroup, Allen & Co LLC are among the lead underwriters to the IPO.
Reuters reported in January that the company is raising around $150 million in funding at a valuation of around $2 billion.
Wayfair, which was previously known as CSN Stores LLC, reported a jump of 52 percent in revenue to $915.8 million for the year ended Dec. 31. Net loss narrowed to $15.5 million from about $21 million.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Tanya Agrawal and Neha Dimri; Editing by Sriraj Kalluvila and Maju Samuel)
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