The online craft bazaar Etsy debuted on the Nasdaq stock market (ETSY) Thursday morning opening at $31 a share, almost twice the initial public offering price at $16 per share set Wednesday evening.
The initial deal raised about $267 million by selling 16.7 million shares at $16, and giving Etsy a valuation of $1.8 billion, reports stated.
Etsy, a marketplace of artisan craft sellers, was founded a decade ago and has more than 54 million members, including 1.4 million active sellers on the site and 19.8 million active buyers around the world, according the company. The company makes revenue by charging sellers listing fees and commissions.
The company also created a wholesale program last April which allows members to sell their products to retailers from independents, to specialty chains like Nordstrom, West Elm and Anthropologie.
Etsy’s IPO also marks the second, and biggest, for a Benefit Corporation, or B Corp. B Corps are for-profit companies that pledge to adhere to social and environmental accountability guidelines set by nonprofit organization B Lab. Over 1,000 companies have B Corp certification to date.