Website maker Squarespace files to go public on NYSE through direct listing

3 weeks ago 19

Anthony Casalena, laminitis and CEO, Squarespace

Source: Squarespace

Squarespace, which makes bundle for radical to physique websites, connected Friday filed to spell public connected the New York Stock Exchange nether the awesome "SQSP."

The institution is eschewing a accepted archetypal nationalist offering, wherever it would contented caller shares to organization investors to rise caller capital, and alternatively utilizing a nonstop listing, wherever it sells existing shares connected the nationalist marketplace to fto earlier investors and employees get liquidity. That mechanics has go progressively popular, with tech companies Slack, Spotify, Palantir, Roblox and Coinbase each choosing nonstop listings successful caller years. Last month, Squarespace raised $300 cardinal successful funding.

The institution reported $621.1 cardinal successful gross successful 2020, with gross increasing 28% twelvemonth implicit year. Squarespace wants to turn its concern by motion up caller customers and get existing clients to usage much of its services, including tools for selling products online.

Squarespace had much than 3.6 cardinal subscriptions astatine the extremity of the year, up astir 23%.

Rather than going aft large enterprises, Squarespace focuses connected self-employed radical and tiny businesses. New York-based unreality infrastructure supplier DigitalOcean besides focuses connected smaller entities for growth.

Competition includes Automattic, Wix, Weebly, arsenic good arsenic domain registration companies specified arsenic GoDaddy and e-commerce companies specified arsenic Shopify and BigCommerce.

Squarespace was founded successful 2003 and is based successful New York, with 1,256 employees astatine the extremity of 2020.

Anthony Casalena, Squarespace's laminitis and CEO, volition power a bulk of Squarespace's voting power. Squarespace is selling Class A shares of its stock, each of which gets 1 vote, and Casalena owns the immense bulk of the company's Class B shares, which get 10 votes each.

WATCH: Nasdaq president connected Coinbase's nonstop listing