GoDaddy shares debut with jump following high pricing

AP News
Posted: Apr 01, 2015 11:01 AM

NEW YORK (AP) — GoDaddy shares are jumping in their market debut after the Web hosting company known for racy TV commercials priced its initial public offering above expectations.

The stock rose $6.15, or 31 percent, to $26.06 in morning trading, well above the IPO price of $20 per share. That marked an increase from the prior high estimate of $19 per share.

Overall, the Scottsdale, Arizona, company is offering 23 million shares and hopes to raise up to $460 million in the offering.

Underwriters have a 30-day option to buy up to 3 million more shares. The lead underwriters are Morgan Stanley & Co., J.P. Morgan Securities LLC and Citigroup Global Markets Inc.

Leaving the Left
John Stossel

GoDaddy Inc. says it's the largest provider of Web domains and has about 13 million customers. It posted a net loss of $143.3 million in 2014, though its revenue grew 23 percent to $1.4 billion.