Etsy has priced its initial public offering at $16 per share, a price that values the online marketplace at $1.78 billion. The price is the top end of the company’s proposed range. The company, known for selling handcrafted and vintage goods and apparel, will begin trading shares on Nasdaq tomorrow morning with the ticker symbol “ETSY.”
The company has taken the unusual step of setting aside a share participation program for its sellers.
Etsy does not earn a profit and its losses have widened in recent years. Revenue from sales has slowed. Still, the company has a beloved brand and is responsible for shepherding in the “maker movement.” Many of Etsy’s sellers make a full-time living by selling their goods on the site.
Still, the company must protect its brand. In its S-1 filing, Etsy noted the importance of “authenticity of our marketplace and connections within our community,” as one of the cornerstones of its business. The filing noted that losing its authenticity was a risk factor.
Fortune noted last month that the risk increases as Etsy grows:
Upon its IPO, Etsy will be one of two publicly-traded companies headquartered in Brooklyn.