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Etsy Labs in Brooklyn
Inside Etsy Labs in Brooklyn Courtesy of Etsy

Etsy is ready for its public debut to the tune of $300 million

Jan 14, 2015

Etsy, the online seller of handmade crafts and vintage goods, is planning to go public as soon as this quarter with plans to raise $300 million, sources told Bloomberg News.

If the Brooklyn-based site rakes in that amount of cash, it would be the biggest New York tech IPO since 1999. The last time a New York-based tech company garnered that kind of a valuation was the dot-com boom when high valuations benefited listings from TD Waterhouse Group and Barnesandnoble.com, the e-commerce spinoff of the bookstore chain.

Learn more about the biggest IPOs of 2014 from Fortune's video team:

Etsy was started by painter and carpenter Rob Kalin in 2005. The multi-talented artist was looking for a way to sell his hand-built goods and started the online exchange. The company now has nearly 26 million items listed on its site--anything from vintage champagne coupes to handmade dog collars.

Etsy, which has been valued at more than $1 billion, brings in its profits by charging sellers 20 cents to list products and then takes another 3.5% commission from each item sold. It also generates revenue from advertising and payment procession. In 2013, the site reported $1.35 billion in gross merchandise sales, according to its website.

Goldman Sachs (gs) and Morgan Stanley (ms) are working with Etsy on its IPO, and the company is likely to file a prospectus this month with more financial details, sources told Bloomberg.

An Etsy spokeswoman declined to comment.

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