Etsy joins billion-dollar club on eve of IPO

NEW YORK - Online crafts marketplace Etsy has raised $267 million in its initial public offering, pricing its shares at the top of the range it had predicted.

Etsy said Wednesday that it sold 16.7 million shares for $16 each, valuing the company at $1.78 billion.

The New York company sold 13.3 million shares, while its early investors sold 3.3 million.

Most of the shares sold in an IPO go to major investors like big asset managers. But Etsy had said that it planned for 5 percent of the shares sold to be set aside for individual investors, including the people who sell their wares on Etsy's site.

Etsy will list its shares on the Nasdaq under the sticker symbol "ETSY." Trading is expected to begin on Thursday.