Squarespace, the New York provider of tech to enable people to easily build websites, on Friday filed to go public via a direct listing.
The New York company, which also hosts websites, said in a Securities and Exchange Commission filing that it seeks to be listed under the ticker symbol SQSP on the New York Stock Exchange.
Direct listings are an alternative to traditional initial public offerings, and a number of prominent technology companies have chosen to go public this way.
Bloomberg News earlier had reported that Squarespace would go public through a direct listing.
In such a deal, the company raises no new capital. Its shareholders can immediately begin trading their shares publicly with no lockup period. And it avoids the cost and logistics of investor presentations and a traditional underwritten IPO.
Other direct listings include Roblox (RBLX) - Get Roblox Corporation Class A Report, Palantir (PLTR) - Get Palantir Technologies Inc. Class A Report and Slack (WORK) - Get Slack Technologies, Inc. Class A Report.
Squarespace itself sees a significant and "growing market opportunity with over 800 million small businesses and self-employed ventures globally.
"In addition, according to the Kauffman Index, nearly 540,000 new businesses are created each month in the U.S."
"According to Clutch, approximately 46% of small and medium-sized businesses are not online today."
In 2020, the company earned $30.6 million, down 47% from $58.2 million in 2019. Revenue rose 28% to $621.1 million.
Squarespace is backed by investors including Accel, General Atlantic and Index Ventures. The company said in March that it raised $300 million at a valuation of $10 billion.
Goldman Sachs and JPMorgan Chase are providing financial advice to Squarespace on the direct listing.