NEW YORK (TheStreet) -- Shares of Etsy opened for trading at $31 on Thursday morning, as the online marketplace for handmade goods and crafts went public on the NASDAQ. The Brooklyn-based company was founded in 2005 by Rob Kalin to create a space for small, independent sellers to reach consumers. Etsy's current CEO Chad Dickerson joined the company in 2011 and led the IPO process. Must Read: Will the 'Etsy Economy' Mesh With Shareholder's Fiscal Demands? The company offered up 13,333,333 shares for trading, and selling stockholders offered 3,333,333 shares. Late Thursday Etsy priced its shares at $16 a pop, valuing itself at $1.78 billion. Some analysts and investors were wary of the pricing, noting that the company lost $15.2 million in 2014 despite a 56% increase in revenue. Also in question is the company's ability to stick to its noble, socially conscious roots while under the scrutiny of Wall Street. In a letter appended to the S-1 filing, Dickerson reaffirmed his commitment to what the company calls the "Etsy Economy," which hopes "to reimagine commerce in ways that build a more fulfilling and lasting world." However, the pressure of being a public company may make it difficult for Etsy to continue this idealistic mission. Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. Allen & Company LLC, Loop Capital Markets LLC and The Williams Capital Group, L.P. are acting as co-managers. Must Read: Etsy IPO at $14 to $16 May Be Too Expensive as Losses Mount
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