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GoDaddy ( GDDY ) stock fell after the web-hosting and domain registration firm announced a proposed class A common stock offering of 16.5 million shares. Selling stockholders include entities affiliated with big investment firms Kohlberg Kravis Roberts & Co . ( KKR ), Silver Lake Partners and Technology Crossover Ventures, as well as YAM Special Holdings. GoDaddy said YAM Special Holdings, formerly known as the Go Daddy Group, is owned by its founder, Bob Parsons, as well as company officers and employees. GoDaddy said it will not receive any proceeds from the share sales. GoDaddy stock was down 7.5% in midday trading in the stock market today . Shares in Scottsdale, Ariz.-based GoDaddy are down more than 6% in 2016 so far, but they have gained roughly 50% since GoDaddy’s initial public offering a year ago. GoDaddy’s core business is selling and managing Internet domain names. It has expanded into website hosting services for small businesses and cloud computing services. GoDaddy garners one-fourth of its revenue from outside the U.S. GoDaddy has an IBD composite rating of 73 out of a possible 99. Scalper1 News
Scalper1 News