Zulily Prices $253 Million Above Target
Zulily is a Seattle based e-commerce shopping website that will be going public later today. The company has recently raised their expectations, which is an indication of strong investor demand. Zulily and insiders like venture capital company Maveron LLC has agreed to sell 11.5 million shares for $22 each late on Thursday.
This means that Zulily will raise $253 million before the sale of additional stock by the underwriters. Zulily raised their price forecast range for the IPO on Wednesday. The shares are expected to receive between $18 and $20 each.
Zulily is known for selling limited-time online sales for women, babies, and kids clothing. Zulily sends out a daily e-mail and a mobile alert for products. After a purchase is made, they buy it from the vendors and ships it to the buyers once an order is made.
Zulily saw their revenue more than double to $438.7 million the first nine months of the year. The company also posted a profit of $155,000, which reverses a loss of $13.6 million in the period one year earlier.
Zulily will go public on the Nasdaq Stock Market later today with the symbol “ZU.” Goldman Sachs Group led the offering along with Bank of America Merrill Lynch and Citigroup.