Online home furnishings retailer Wayfair hopes to raise $350 million in an initial public offering. The company offers more than 7 million products through online brands such as Joss & Main, Dwell Studio and Birch Lane.
Wayfair, launched in 2002, intends to list its shares on the New York Stock Exchange under the symbol "W," reported Reuters. The filing with the U.S. Securities and Exchange Commission did not state how many shares the company plans to sell or at what price.
Leaders in underwriting the IPO include Goldman Sachs & Co, BofA Merrill Lynch, Citigroup and Allen & Co. In January, the company reported raising about $150 million in funding, at a valuation of $2 billion.
The Web retailer said its revenue jumped 50 percent to $574.1 million in the six-month period ending on June 30 from the same period one year ago. Net losses increased to $63.2 million from $24.3 million in the same period, reported Bloomberg.
The company ranked No. 2 in the NRF's STORES Hot 100 Retailers chart for 2014 due to its increase in U.S. sales between 2012 and 2013. In 2013, Wayfair reported 2.1 million active customers, up from 1.3 million the year prior.
Riding on this success, Wayfair launched its new private label Birch Lane in spring as well as a printed catalogue of home furnishings.
-See this Reuters article
-See this Bloomberg article
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