Zulily, the fast-growing daily deal site for kid’s gear and apparel, priced its initial public offering at $22 per share on Thursday afternoon. The Seattle company sold 6.3 million shares, equating to about $140 million worth of stock. As part of the deal, insiders also sold 5.1 million shares for $112 million.
None of the cash from the insiders’ stock sales will go to the company, nor will cash raised in a subsequent stock sale by underwriters. Zulily had been boosting the price range for the IPO, signaling strong demand for a company that operates in the daily deals space. .
The shares are expected to begin trading on the Nasdaq under the ticker ZU on Friday.
It marks the latest tech company to take the plunge, following in the footsteps of Twitter which completed its IPO last week. It also follows the last Seattle tech company to go public, Tableau Software, which sold shares to the public in May.
Zulily was founded by former Blue Nile execs Darrell Cavens and Mark Vadon, taking an early investment from Seattle venture capital firm Maveron. Vadon now holds 31.4 percent of the voting power of the company, while Cavens holds 21.6 percent. Maveron is the largest institutional investor with 22 percent, followed by August Capital with seven percent and Andreessen Horowitz with 6.8 percent.