Squarespace, which provides an easy-to-use platform for businesses and individuals to create websites, is expected to begin trading on the NYSE on Wednesday, May 19, 2021. In its latest filing, the company also disclosed the number of Class A shares to be sold by existing shareholders.
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The Registered Stockholders plan to sell up to 40.4 million Class A shares.
In the first quarter of 2021, the company raised $308 million in a private placement by selling roughly 4.5 million shares at $68.42 per share. At that price, Squarespace would command a fully diluted market value of $10.2 billion.
Squarespace provides an all-in-one web design platform that offers websites, domains, e-commerce, social media management, and marketing tools. The core platform provides intuitive design tools that allow the quick and easy creation of professional-quality mobile and desktop websites. Then, users can easily integrate their business to begin selling physical products, services, or subscriptions.
None of the company's shareholders will be subject to the standard 180-day lock-up agreement found in most IPOs.
Squarespace was founded in 2003 and booked $664 million in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol SQSP. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Goldman Sachs, J.P. Morgan, Barclays, RBC Capital Markets, Citi, BofA Securities, William Blair, Raymond Jones, JMP Securities, KeyBanc Capital Markets, Piper Sandler, Mizuho Securities, Fifth Third Securities, and Citizens will serve as financial advisors.
