Squarespace Inc. filed paperwork Friday for a direct-listing that would enable shares of the website-design company to trade on the New York Stock Exchange without the company raising money through a traditional initial public offering. Squarespace, which makes tools for building and hosting websites, generated revenue of $621.1 million in 2020, up from $484.8 million in 2019.
The company is profitable but saw its net income decline to $30.6 million in 2020 from $58.2 million a year earlier. Squarespace had 3.66 million unique subscriptions to its platform as of the end of December. The company said in a filing that it’s benefitting from a rise in online commerce and a growing interest from brands to develop better direct relationships with consumers. The company intends to list on the NYSE using the ticker SQSP. The company has yet to disclose when it plans to conduct the direct listing or how many shares will be made available in the process. Squarespace’s filing comes after Coinbase Global Inc. COIN, +5.96% held its own direct listing earlier this week.