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Updated Jun 9, 2014 - 2:51 pm

Web hosting company GoDaddy files for IPO

NEW YORK (AP) -- Web hosting company GoDaddy is filing for an initial public offering.

The company known for its racy Super Bowl commercials says it has 12 million customers and is the largest provider of website domain names.

GoDaddy Inc. also said Monday that company founder and former CEO Bob Parsons is resigning as executive chairman to spend time on other ventures. He will stay on the board. GoDaddy plans to name a new chairman in the next few months.

The Scottsdale, Arizona, company has posted losses the last three years, with a deficit of $199.9 million in 2013. Its annual revenue grew 24 percent to $1.13 billion.

GoDaddy says it plans to raise up to $100 million, but that is likely to change as bankers gauge investor interest.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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