Nasdaq Today – Luxury e-commerce platform 1stdibs debuts on NASDAQ
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Online marketplace 1stdibs has closed an initial public offering (IPO) on the NASDAQ raising net proceeds…
Online marketplace 1stdibs has closed an initial public offering (IPO) on the NASDAQ raising net proceeds of approximately USD 117.5 million.
Pillsbury Winthrop Shaw Pittman acted for 1stdibs on the IPO, which was priced on 9 June and closed on 14 June.
The shares began trading on the NASDAQ on 10 June.
Bank of America Securities and Barclays acted as joint lead book-running managers on the IPO, with Allen & Company and Evercore ISI serving as joint bookrunner managers. William Blair, Raymond James and JMP Securities acted as co-managers.
New York-headquartered 1stdibs, which was founded around 20 years ago, is an e-commerce marketplace for luxury goods including high-end furniture and jewellery, watches and fashion items. The company acts as a middleman, connecting sellers and buyers.
Pillsbury’s advisory team was headed up by Silicon Valley-based corporate and securities partner Davina Kaile and New York-based partner Ron Fleming, acting as lead external corporate counsel.
1stdibs’ CEO David Rosenblatt was previously the CEO of online advertisement company DoubleClick, which he sold to Google in 2008. He stayed on as Google’s president of global display advertising for a year after the acquisition.
Rosenblatt currently sits on the board of directors of social media giant Twitter, media company IAC and e-commerce company Farfetch. Farfetch formed a strategic partnership with Swiss luxury goods company Richemont and Chinese e-commerce company Alibaba in November last year.
1stdibs’ IPO follows similar debuts on the NASDAQ recently, including Monday.com’s IPO, on which Latham & Watkins advised, and the NASDAQ debut of United Kingdom medical technology company Babylon via a merger, both this month.
Other activity in e-commerce space includes online marketplace Etsy’s recent agreement to acquire Depop for approximately USD 1.6 billion. Allen & Overy and Weil, Gotshal & Manges advised on the deal.
In April, Trip.com became the first travel group to gain a dual Hong Kong Stock Exchange and NASDAQ listing.
Poland’s largest e-commerce platform went public on the Warsaw Stock Exchange in a USD 2.7 billion IPO in October last year.