Squarespace's NYSE reference price has been set at $50 ahead of its direct listing. At that price, Squarespace would command a fully diluted market value of $7.4 billion.
The New York, NY-based company plans to list on the NYSE today under the symbol SQSP. The NYSE reference price does not reflect an offering price, or the opening price for Squarespace's shares. Instead, the opening public price will be determined by the designated market maker, using buy and sell orders collected by the NYSE from broker-dealers.
In the 1Q21, the company raised $308 million in a private placement by selling roughly 4.5 million shares (100% secondary) at $68.42 per share. At that price, Squarespace's fully diluted market value would be about $10.2 billion.
There are no underwriters on the deal; instead, the company's financial advisors included 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.
