Interesting nugget in that they're reserving 5% of the IPO price shares for their users:
> At our request, the underwriters have reserved up to 5% of the shares of common stock offered by this prospectus for sale, at the initial public offering price, to individual investors. We call this our IPO Participation Program, or IPP. The purpose of the IPP is to allow our U.S.-based Etsy community and other individual investors to participate in our IPO.
Interesting. They're capping individual participation for that 5% pool at $2,500. If Bloomberg is right that they're looking to raise around $300M, that 5% pool is $15M. That comes out to 6,000 shareholders in the pool if all the members fully allocate.
I wonder how many individuals participate directly in a typical IPO process. I'd assume that this will be strictly additive, and that banks (including MS) will still do their opaque preferred-client treatment on top of the 5% pool.
> At our request, the underwriters have reserved up to 5% of the shares of common stock offered by this prospectus for sale, at the initial public offering price, to individual investors. We call this our IPO Participation Program, or IPP. The purpose of the IPP is to allow our U.S.-based Etsy community and other individual investors to participate in our IPO.