March 28, 2012 / 10:36 PM / 7 years ago

Cafepress prices IPO above range: underwriter

(Reuters) - Print-on-demand website Cafepress priced its initial public offering at $19, above its expected range, according to an underwriter.

The company had expected to price the initial public offering of 4.5 million common shares between $16 and $18 apiece.

Cafepress’ selling shareholders will sell 2 million shares, and the company will sell the remaining shares being offered.

Venture-capital firm Sequoia Capital, which owns 20 percent of the current stock, is not among the selling shareholders, but will see its ownership reduce to 17 percent post the offering.

The San Mateo, California-based company recorded net revenue of $175.5 million in 2011, an increase of 37 percent over the previous year.

Founded in 1999, the print-on-demand products retailer allows people to create their own designs for t-shirts, stickers, coffee mugs and other products, which the company then helps sell to customers.

Shares of the company are expected to start trading on the Nasdaq on Thursday under the symbol “PRSS.”

J.P. Morgan and Jefferies acted as the representatives of the underwriters for the offering.

Reporting by Jochelle Mendonca and Ashutosh Pandey in Bangalore; Editing by Anil D'Silva

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