Shares of Etsy, the peer-to-peer e-commerce website known for the sale of vintage and handmade products, surged to $35.73 during opening trading on Thursday, surpassing its expected $16 pricing.
The company is also said to be worth $3.33 billion, making for a successful initial public offering.
"We've come a long way since the beginning with a simple platform for artisans selling their neat products, first launched nearly 10 years ago," said Etsy Chief Executive Officer Chad Dickerson, according to the New York Times.
"Our mission to reimagine commerce is first and foremost about people, and we wouldn't be here today without the dedication and passion of our community of more than one million sellers."
Etsy, founded in 2005 as a start-up company, is classified as a Benefit Corporation, which certifies its commitment to environmental protection and social awareness (mainly involving wages and costs of production). It has branded itself as a grassroots organization that places emphasis on peer reviews and accountability.
Although the company has been criticized in the past for lax regulations on counterfeit items and items produced by factory manufacturers, it has been able to address most of these issues within the decade of its existence.
"Since inception, Etsy has challenged conventional ways of thinking about commerce, business, individuals and communities," Chad Dickerson, the company's chief executive, wrote in a letter included in the prospectus, the New York Times also reports.
"I intend to keep our unconventional operating philosophy as we become a public company, and I welcome new investors into our community."
Etsy requires that all vintage items sold on their site be at least 20 years old.
