Online Retailer Wayfair Said Talking to Banks for First-Half IPOJodi Xu and Leslie Picker
Wayfair LLC, the online home-goods retailer, has contacted banks about managing an initial public offering, people with knowledge of the matter said.
The company, based in Boston, is scheduled to meet with several banks over the next few weeks about managing an IPO in the first half of the year, said one of the people, who asked not to be identified because the process is private. Wayfair, which sells furniture and lighting on the Web, posted revenue of about $1 billion last year, the person said, compared with $600 million in 2012.
Kelly Molewski, a spokeswoman for Wayfair, declined to comment on the company’s plans for an IPO.
In December, the retailer posted a 50 percent increase in Cyber Monday sales, the biggest sales day in the company’s history, according to a statement at the time. The store reported $25 million in revenue from Thanksgiving Day through the Monday after the holiday weekend, a 56 percent jump from the same period a year earlier.
Niraj Shah, chief executive officer and co-founder of Wayfair, said in an interview with Bloomberg Radio in November that an IPO would make sense. The company hired former Warner Music Group Vice Chairman Michael Fleisher as its new chief financial officer in October. Fleisher was part of the team that took Warner Music public in 2005.
In September 2012, Wayfair announced a partnership with Tesco Plc, the largest U.K. retailer, to offer home goods through online marketplace Tesco Direct.
Wayfair is backed by a number of venture capital firms including Battery Ventures, HarbourVest Partners, Great Hill Partners and Spark Capital.