Web Hosting and Domain Company, GoDaddy, Sees Shares Rise 34% in Stock Market Debut


GoDaddy Inc’s shares rose as much as 34 percent in their debut, valuing the Web hosting company at up to $5.48 billion, including debt.

The company, which sponsors race car driver Danica Patrick, raised $460 million after its initial public offering of 23 million class A shares was priced at $20 per share, above the expected range of $17-$19.

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Scottsdale, Arizona-based GoDaddy sold all the shares in the offering.

The stock opened at $26.15 and touched a high of $26.84 on the New York Stock Exchange on Wednesday.

Morgan Stanley, JP Morgan Securities and Citigroup were the lead underwriters for the IPO.

(Reporting by Neha Dimri in Bengaluru and Liana B. Baker in New York; Editing by Kirti Pandey)

SOURCE: Reuters

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