Zulily, the daily deal apparel website for mothers and children, filed documents to the Securities and Exchange Commission this morning in preparation for an initial public offering.
The e-commerce company, based in Seattle, Washington, is the latest entrant in what is expected to be a hot year for consumer Internet IPOs coming in toward the end of the year. Unlike Twitter, which submmitted its financial papers, called the S-1, on October 3, Zulily is profitable, though only recently so.
Zulily reported net income of $2.4 million for the first six months of 2013, compared to a net loss of $6 million for the same six months a year earlier.
It reported rapid sales growth for the first six months of the year ending June 30, 2013; it more than doubled its revenue to $272 million when compared with the same period a year earlier. The company reported sales of $331 million in 2012, more than double what it reported in 2011.
The company valued itself, using an income and market comparison approach, at about $1.7 billion as of May 30, 2013, with internal shares valued at $3.08 each. As of June 30, it reported about 500,000,000 class B common stock outstanding.
Darrell Cavens, company co-founder, president, and chief executive owns about 20 percent of the company, which would peg his stake at $340 million. Co-founder Mark Vadon, who is chairman of the board, owns 30 percent, which could be worth $510 million.
Venture capital firms Andreessen Horowitz, August Capital, and Maveron each owns between 7.3 percent and 23.6 percent of Zulily.
Investment bank Goldman Sachs is the lead underwriter.
Zulily did not make any executives available to comment. The company is currently in a quiet period, an SEC ban on publicity, prior to the IPO.