GOP insiders are sounding off about a wayfair that they say could create a bubble around a potential future IPO.
Wayfair is seeking to raise $100 million to fund an IPO, according to insiders, as it continues to fight for its future in the stock market.
The company said it plans to sell the company’s stake in its own portfolio of publicly traded equities and bonds.
It’s not clear when the IPO is expected.
Wayfares founder and CEO Michael Cramer told CNBC’s “Squawk Box” that the IPO could take place as soon as May, and the price could be as high as $200 per share.
Wayfare is a company that has attracted attention for its ability to identify high-growth stocks based on a user’s location and a handful of factors.
But Cramer said Wayfair’s focus on equities is “wastefully wasteful.”
“The wayfair is doing a lot of these deals, they’re going to do them in the next couple of years,” Cramer explained.
We think it’s a great idea. “
It’s not worth the risk.
We think it’s a great idea.
We’ll try it out, we’ll let the market decide.”
The company, which was spun off from a company called Google that created a personalized search engine for smartphones, has been struggling to make money in the market for years.
Wayforward had a net loss of $17 million last year, according a regulatory filing with the Securities and Exchange Commission.
It has been in the red in recent years.
Cramer recently said Wayfare has struggled to turn a profit and that he’s been in touch with several hedge funds.
He declined to comment on whether Wayfare was still interested in a sale, citing a “dispute” between the company and Wayfair.