Ancestry.com has launched an initial public offering (IPO) and raised $100 million from the sale of 7.4 million shares. The website is reported to have over one million paying subscribers, and they have few other relevant competitors operating in this area of the market.
Ancestry was founded in 1983 and employ approximately 600 people. The company has said it may use a portion of its proceeds to expand through acquisitions and investments.
The stock trades on NASDAQ under the ticker symbol, ACOM. Ancestry have grown their online business through the sale of birth certificates and marriage records. Total revenue for 2008 was $197.6 million.
It’s been quite awhile since we have heard of an online company doing an IPO. Sounds like Ancestry.com put themselves in a good position through useful products and steady growth.
Not long ago, #1 domain name registrar GoDaddy.com came close to initiating their own IPO, but they pulled back when the larger economy started to experience problems associated with the mortgage crisis and general negative investment sentiment.