Online home furnishings retailer, Wayfair Inc., has set its value at more than $2 billion in documents filed in advance of its initial public offering of stock. Wayfair is projecting an initial share price of $25 to $28 and 82,756,943 shares outstanding after the IPO.
If Wayfair correctly guessed its price and the size of the market, its valuation falls between $2.07 and $2.32 billion.
The goal is to sell off 12.65 million shares and bring $354 million in the IPO, which will unfold at the NYSE under the symbol W. Company co-founders Niraj Shah and Steve Conine own 28.51 percent of the company apiece with each owning 20,646,253 shares worth more than $516 million at the $25 share price. The founders self-financed the company until 2011 and sought no outside funding, though they have since raised $193 million in outside capital.
Wayfair operates five e-commerce sites under the brands Wayfair, Joss & Main, All+Modern, Dwell Studio and Birch Lane.