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Domain registrar GoDaddy files for a $100M IPO; Revenues & Shareholding

Godaddy

Internet domain registrar and web hosting provider GoDaddy has filed for an initial public offering (IPO) with the US Securities and Exchange Commission to raise $100 million. 

The company is yet to disclose the starting price or how much shares it will be offering through this IPO. Morgan Stanley, JP Morgan and Citigroup are the lead underwriters for this IPO.

This is the second time GoDaddy is filing for an IPO. The company had earlier filed for an IPO in May 2006 but it withdrew the offering withing couple of months. GoDaddy was then bought by a group of private equity firms including KKR, Silver Lake and Technology Crossover Ventures. While the deal size was not disclosed, a WSJ report pegged the deal size to be $2.25 billion.

GoDaddy in India

GoDaddy had launched its Indian operations in June 2012, by setting up an office in New Delhi and appointing former Microsoft executive Rajiv Sodhi as the Managing Director of GoDaddy India. It also has a local support centre in Hyderabad. In its IPO filing, GoDaddy mentions that it currently has 238 customer care specialists in India.

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Few months later, GoDaddy introduced several new India-specific payment options including NetBanking, cash cards and mobile payments, in addition to the regular credit cards and debit cards payment modes. The company had tied up with the payment gateway CCAvenue to offer these new payment modes.

In August last year, GoDaddy claimed that its India office is the largest International office for the company. It also claimed that its India customer base had increased by 86% in the past year, although there was no word on GoDaddy’s exact customer base in the country.

Some notes from the S-1 filing:

– Around 26% of GoDaddy’s customers are located in International markets, notably Canada, India and the United Kingdom, as of March 31, 2014. Overall, the company has around 12 million customers in 2013 and it added more than 1.3 million customers in the past year. It’s customer retention is more than 85% as of December 31, 2013.

– Since launching in India, GoDaddy has increased its marketshare of .in domain registrations by around 16% according to INRegistry.

– GoDaddy currently manages 57 million domains as of December 31, 2013, which accounts for around 21% of the world’s domains.

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Revenues: GoDaddy reported revenues of $1.1 billion in 2013, up from $0.91 billion in 2012. The total bookings were at $1.4 billion for 2013, up from $1.25 billion in 2012 and from $0.75 billion in 2009. The company however reported a net loss of $200 million for 2013, down from $279.1 million loss in 2012. GoDaddy hasn’t made a profit since 2009.

On a quarterly basis, GoDaddy reported revenues of $320.2 million for the quarter ended March 31, 2014, up from $262.8 million in the same quarter last year. The net loss also marginally declined to $51.3 million for the quarter, from $51.8 million loss in the same quarter last year.

ARPU: The average revenue per user was at $104 for 2013, up from $93 in 2012.

Revenue breakup: GoDaddy’s domains business accounted for $671.6 million of its revenues for the year ended December 31, 2013, while its web hosting business accounted for $380.7 million revenues and its business applications accounted for $78.6 million revenue.

Investment: The company invested $763 million in technology & development and $543 million in marketing & advertising in the five years ended December 31, 2013.

Shareholding: KKR and Silver Lake each own 28% stake in the company. Technology Crossover Ventures owns 12.6% stake and GoDaddy founder Bob Parsons owns 28.1% stake.

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