Updated from 1:04 p.m. EDT to include closing price and correct the time Etsy announced its pricing to Wednesday from Thursday.
NEW YORK (TheStreet) -- Shares of Etsy (ETSY) - Get Report closed its first day of trading on the NASDAQ at $30 on Thursday afternoon, up nearly 88% from the company's original pricing of $16 a share. During the day, the online marketplace for handmade goods and crafts traded as high as $35.74.
The Brooklyn-based company was founded in 2005 by Rob Kalin to create a space for small, independent sellers to reach consumers. Etsy's current CEO, Chad Dickerson, joined the company in 2011 and led the IPO process.
In a blog post today, Dickerson shared his thoughts on Etsy's next chapter as a public company, welcoming Etsy's investors, who "understand and respect that we intend to keep our operating philosophy now that we are a public company, and they share our values and vision."
The company offered up 13,333,333 shares for trading, and selling stockholders offered 3,333,333 shares. Late Wednesday Etsy priced its shares at $16 a pop, valuing itself at $1.78 billion. Some analysts and investors were wary of the pricing, noting that the company lost $15.2 million in 2014 despite a 56% increase in revenue.
Also in question is the company's ability to stick to its noble, socially conscious roots while under the scrutiny of Wall Street.
In a letter appended to the S-1 filing, Dickerson reaffirmed his commitment to what the company calls the "Etsy Economy," which aims "to reimagine commerce in ways that build a more fulfilling and lasting world."
Operating under the pressures of being a public company, however, may make it difficult for Etsy to continue this idealistic mission.
Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. Allen & Company LLC, Loop Capital Markets LLC and the Williams Capital Group L.P. are serving as co-managers.