E-commerce grew 20% for Costco in fiscal 2015—20 times faster than store sales.
Liquidity Services Inc., an owner of web sites that sell excess goods and wholesale products, has filed for an initial public offering.
Liquidity Services Inc., operator of web sites that sell excess goods and wholesale products, has filed for an initial public offering.
In registration papers filed Nov. 14 with the U.S. Securities and Exchange Commission, Liquidity Services said it will use the proceeds for the repayment of $4.4 million in debt, working capital, general corporate purposes and possible future acquisitions.
The company did not say how many shares of stock will be sold.
For the fiscal year ended Sept. 30, Liquidity Services had revenues of $89.4 million and net income of $4.1 million. Revenue has grown at a compounded annual rate of 26% since fiscal year 2002, the company said.
During the past three fiscal years, the company has conducted more than 436,000 online transactions, generating about $264 million in gross merchandise value, according to the SEC filing. It ended the fiscal year with 386,000 registered buyers, up from 264,000 at the end of the 2004 fiscal year.
Friedman, Billings, Ramsey & Co. Inc. and RBC Capital Markets will act as joint book runners/co-lead managers and CIBC World Markets Corp. and Pacific Crest Securities Inc. will act as co-managers for the proposed offering.
Liquidity Services operates www.liquidation.com, www.govliquidation.com and www.uksurplus.com and www.goWholesale.com.