Etsy IPO Raises $267 Million

Virtual marketplace Etsy Inc. raised $267 million in its initial public offering, selling 16.7 million shares for $16 apiece, according to a statement Wednesday. The Brooklyn-based website’s IPO marks the first for a B Corporation, which Bloomberg describes as “a distinction given to businesses that meet exacting standards with regard to social and environmental performance.” All but $300,000 of the proceeds will go back into investments for the business. The remaining amount will fund the non-profit etsy.org, which is dedicated to educating women and minorities on how to create their own businesses.