Online furniture king Wayfair files for IPO

|About: Wayfair (W)|By:, SA News Editor

Wayfair is looking to raise up to $350M under the symbol W. Underwriters include Goldman, BofA/Merrill Citi, Pac Crest, Piper, and Wells Fargo. (prospectus)

The online furniture giant was reportedly valued at $2B in a recent funding round. It had 1H14 revenue of $574.1M (+50% Y/Y), and a net loss of $51.4M. Gross margin was 23.3%, and sales/marketing spend totaled $138.3M.

Wayfair had 2.6M active customers during 1H14, +75% Y/Y. Net revenue per active customer for the last 12 months is $332, +6.1% Y/Y. 51.2% of 1H orders were from repeat customers, and 27.9% were placed via mobile devices.

Co-founder/CEO Niraj Shah and co-founder/CTO Steven Conine each own 28.9% stakes. Wayfair's listed competitors include furniture stores, major retailers (Home Depot, Wal-Mart, etc.), and of course, Amazon.