2021-05-31-1STDIBS-United_States_Securities_and_Exchange_Commission_253页_17mb

1stdibs.com, Inc. Initial Public Offering Summary

Core Content

1stdibs.com, Inc. is launching its initial public offering (IPO) to raise up to $100,000,000 in gross proceeds through the sale of its common stock. The company is a global online marketplace for luxury design products, including vintage, antique, and contemporary furniture, home décor, jewelry, watches, art, and fashion. It operates under the brand name "1stDibs" and has been in business since 2000, initially focused on bringing the Paris flea market experience online.

Main Points

• Company Mission: To enrich lives with extraordinary design.
• Marketplace Overview:
  • 1stdibs is a leading online marketplace connecting buyers and sellers of luxury design products.
  • It has over 4,200 seller accounts in 55 countries, 3.5 million users, and a seller stock value exceeding $10.9 billion as of March 31, 2021.
• Market Opportunity:
  • The global luxury market (excluding watches and jewelry) was estimated at $210 billion in 2020, with a total addressable market size of $339 billion when combined with the core market.
  • The online portion of the personal luxury goods market grew from 12% in 2019 to 23% in 2020, and is projected to reach 30% by 2025.
• 1stDibs Promise:
  • Expertly vetted sellers.
  • Price-match guarantee.
  • Buyer protection.
  • Confidence at checkout with secure payment options.
  • Exceptional support.
  • Insured global delivery.
  • Worry-free cancellations.
• Value Proposition to Sellers:
  • Access to a global audience of over 3.5 million users.
  • Operational efficiency with seamless transaction experiences.
  • Ability to build an online identity and presence.
  • Rich data analytics and tools for business optimization.
• Value Proposition to Buyers:
  • Curated selection of unique, high-quality luxury design products.
  • 24/7 access to over one million items.
  • Secure and transparent purchasing process.
  • Personalized experience based on browsing and purchase data.
  • Direct communication with sellers and price-match guarantee.
• Growth Metrics:
  • GMV increased from $13.8 million in 2013 to $342.6 million in 2020, with a 58% CAGR.
  • GMV grew from $69.3 million to $113.7 million for the three months ended March 31, 2020 and 2021, respectively, a 64% increase.
  • Net revenue increased from $70.6 million in 2019 to $81.9 million in 2020 (16% growth), and from $17.9 million to $25.5 million for the three months ended March 31, 2020 and 2021, respectively (43% growth).
• Financial Performance:
  • Net loss in 2019 was $29.9 million; in 2020 it was $12.5 million.
  • Adjusted EBITDA losses were $25.0 million in 2019 and $6.6 million in 2020.
• Business Model:
  • Asset-light model with no physical possession of items.
  • Facilitates shipping and fulfillment logistics for sellers.
  • Offers a scalable infrastructure to expand into adjacent luxury markets.
• Competitive Strengths:
  • Largest selection of unique luxury design products online.
  • 20-year brand history built on trust and authenticity.
  • Highly engaged buyer community.

Key Information

• IPO Details:
  • Proposed maximum aggregate offering price: $100,000,000.
  • Registration fee: $10,910.
  • The offering is expected to commence as soon as practicable after the registration statement becomes effective.
• Listing:
  • The common stock will be listed on the Nasdaq Global Market under the symbol "DIBS."
• Underwriters:
  • BofA Securities, William Blair, Barclays, Allen & Company LLC, Evercore ISI, Raymond James, and JMP Securities.
• Risk Factors:
  • The prospectus includes a detailed "Risk Factors" section starting on page 18, outlining the risks associated with investing in the company.
• Legal and Regulatory Information:
  • The SEC has not approved or disapproved the securities, nor has it determined the accuracy or completeness of this prospectus.
  • This prospectus is not an offer to sell securities in any jurisdiction where it is not permitted.
• Investor Considerations:
  • The prospectus is subject to completion and may be changed.
  • Investors should read the entire prospectus, including financial statements and risk factors, before making an investment decision.
• Offering Restrictions:
  • For investors outside the U.S., the offering is not available in jurisdictions where it is not permitted.

Summary of Financial Highlights

Summary of Market Position

• 1stdibs has a strong presence in the luxury design market, with a unique value proposition centered around trust, authenticity, and a curated selection.
• The company has a significant portion of its GMV from on-platform transactions, with on-platform GMV accounting for 96% of total GMV in 2019 and 2020, and 97% in the three months ended March 31, 2020 and 2021.
• The platform supports a wide range of products and provides a seamless, secure, and transparent buying and selling experience.