NEW YORK (TheStreet) --Shares of Etsy Inc. (ETSY - Get Report) are surging by 87.43% to $29.99 in mid-afternoon trading on Thursday, as the online marketplace for handmade crafts more than doubled in its debut, valuing the company at almost $4 billion, Reuters reports.
Etsy was priced at the top end of its expected $14 to $16 range.
The company's offering of almost 16.7 million shares raised close to $267 million, Reuters added.
"There is demand within the niche they operate in for unique handcraft and vintage goods," and analyst at Wedbush Securities said, Reuters noted. Wedbush began coverage on Etsy with a "neutral" rating.
Robert Kalin started Etsy in 2005 when the website operated as a marketplace for wooden goods and has since grown into a place to find hand crafted items ranging from jewelry, clothing, and home goods.
Speaking with CNBC today, Etsy CEO Chad Dickerson said that the majority of customers that come to the website say they go there to "find goods they can't find anywhere else."
Etsy is looking to expand into international markets including the U.K. and Canada but is also considering going beyond that.
"We are really focused on those countries but it's important to understand that Etsy sellers represent nearly every country in the world so I think over the long term you will see Etsy around the world," Dickerson told CNBC.
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