Web hosting company GoDaddy plans to raise as much as $418 million in IPO

MarketsAssociated Press

GoDaddy, the Web hosting company known for its racy Super Bowl commercials, said Thursday that it hopes to raise as much as $418 million in an initial public offering.

GoDaddy said in June that it was going public. On Thursday it said it planned to offer 22 million shares for $17 to $19 each. If the shares are priced at the high end of that range, the company's publicly traded stock would be worth $2.9 billion.

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The banks managing the IPO may buy another 3.3 million shares.

GoDaddy Inc. says it is the largest provider of Web domains and that it has about 13 million total customers.

The Scottsdale, Arizona, company expects to list its stock on the New York Stock Exchange under the ticker symbol "GDDY."

GoDaddy posted losses the last three years, with a net loss of $143.3 million in 2014. Its revenue for the year rose about 23 percent to $1.4 billion.