Squarespace looks set for a bumper listing
Over 40 million registered shares bagged
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In the lead up to popularwebsite builderandweb hostingcompany Squarespace’s decision to go public later this month, the company has registered 40,401,820 Class A shares for itsrecently announced direct listing.
The company has been approved to list its Class A common stock on the NYSE under the ticker symbol “SQSP”.
Squarespacewill not be raising fresh capital with the offering but its stockholders will have the option to sell or not sell their shares, according toa recent filing.
In March, Squarespace wasvalued at almost $10 billionand welcomed a number of new backers including Dragoneer, Tiger Global, D1 Capital Partners, Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc. and Spruce House.
Squarespace held its very first Investor Day on May 3, 2021, during which the company unveiled its Q1 2021 revenue hit $180 million, which was an increase of 31% over the same quarter last year.
Company founder and CEO Anthony Casalena mentioned thatSquarespacewas one of those nascent ideas that has now matured into a company that changed his life and the life of so many other people.
Direct listing
Squarespace is not the only company that has opted for a direct listing over a traditional initial public offering (IPO) this year.
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Cryptocurrency exchange platform Coinbaseand gaming platform Roblox both chose to go public via a direct listing, with Coinbase listing its shares on the Nasdaq and Roblox on the NYSE.
Squarespace revealed in the prospectus that it has listed 14 investment banks that are working as advisors. Among those 14 banks, Goldman Sachs, J.P. Morgan Securities, Barclays Capital, and RBC Capital Markets are among the financial advisers for the listing.
Abigail is a B2B Editor that specializes inweb hostingandwebsite buildernews, features and reviews at TechRadar Pro. She has been a B2B journalist for more than five years covering a wide range of topics in the technology sector from colocation and cloud to data centers and telecommunications. As a B2B web hosting and website builder editor, Abigail also writes how-to guides and deals for the sector, keeping up to date with the latest trends in the hosting industry. Abigail is also extremely keen on commissioning contributed content from experts in the web hosting and website builder field.
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