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Zulily files to raise $100 million in IPO
The Seattle company, which runs a shopping website targeted at moms, filed to raise $100 million in an initial public offering in the U.S.
Zulily, the Seattle company that runs a shopping website targeted at moms, filed to raise $100 million in an initial public offering.
The figure is a placeholder amount used to calculate fees, and may change, according to a regulatory filing Tuesday. Goldman Sachs Group, Bank of America and Citigroup are managing the sale, and Zulily plans to apply to list on the Nasdaq Stock Market under the symbol ZU.
Zulily’s IPO filing comes after online coupon provider RetailMeNot and payment processor Qiwi both surged after their U.S. debuts this year. Web-based retail sales in the U.S. will reach $262 billion this year, an increase of 13 percent from 2012, a March report from Forrester Research showed.
Zulily operates daily flash sales with 4,000 products from children and women’s apparel to kitchen accessories. Sales more than doubled to $272 million in the first half of 2013 from a year earlier, as active customers increased to 2.2 million from 1.2 million, the filing shows.
Co-founders Darrell Cavens and Mark Vadon formerly held senior positions at Blue Nile, an online jewelry retailer that debuted in 2004. Blue Nile’s shares are up about 85 percent from their IPO price.
Zulily is also backed by venture-capital firms Andreessen Horowitz, Maveron and August Capital.
Cavens, Zulily’s chief executive officer, holds more than 20 percent of the voting power at the company, while Vadon, the chairman, owns over 30 percent.
E-commerce sales, defined as goods and services purchased over the Internet, have increased every quarter since 2009, according to the U.S. Census Bureau. Consumer spending in the country has risen for four consecutive months through August, the Commerce Department said last month, as rising home values and stock-market gains bolster net worth.
RetailMeNot, a provider of online coupons from more than 60,000 retailers and brands, has gained 62 percent through Tuesday since its debut July 19.
Instant-payment operator Qiwi from Cyprus, whose American depositary shares started trading in the U.S. on May 3, has more than doubled.