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From Home Furnishing Business

Wayfair Files for IPO

Online home furnishings retailer Wayfair has filed for a $350 million initial public offering.

Friday's Securities and Exchange Commission filing did not specify the number or price range of shares it will sell.

In the prospectus, the company reported a $51 million net loss on $574 million in revenue for the first half of this year, compared to an $8 million loss on $383 million in revenue for the same period last year. The company warned that it expects "operating losses and negative cash flow to increase significantly in the near-term as we increase investment in our business." 

Wayfair's annual revenue has climbed from $517 million in 2011 to $601 million in 2012 to $916 million last year.

The retailer's brands include Joss & MainAll+Modern, Dwell Studio and Birch Lane.  Founded in 2002, by Niraj Shah, CEO, and Steven Conine, chief technology officer. Each of them own 28.9 percent of Wayfair.

The company has raised about $370 million in venture capital funding over the last 12 years. That total includes a $157 million investment in March.

 



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