Handmade goods website operator Etsy Inc. has filed with U.S. regulators an application for an intial public offering of common stock Wednesday and intends to raise $100 million from the IPO.

In its preliminary prospectus, the New York-based company said Goldman Sachs & Co, Allen & Co LLC and Morgan Stanley  are underwriting the IPO

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According to Etsy, Inc, it intends to list on the Nasdaq Global Select Market under the symbol "ETSY."

The company has reported revenues amounting to $195.6 million and gross merchandise sales of $1.93 million last year.

A peer-to-peer e-commerce website, Etsy covers a wide range of products including art, photography, clothing, jewelry, food, bath, beauty products and even toys. 

Sellers also sell craft supplies such as beads, wire and jewelry-making tools.

It was launched in 2005 by iospace, a small company owned by Robert Kalim, Chris Maguire, and Haim Schoppik.

According to Kalim, he named the site Etsy because "In italian you say 'etsi'a lo. It means 'oh, yes'."

In March 2011, Etsy introduced another innovation, a Facebook-style social networking system called "People Search"  This  aimed to "help buyers and sellers connect with each other and become friends."

Etsy, Inc.'s income comes from the 20-cent listing fee it charges for each item on the site, and 3.5 percent fee of a completed sale.  According to company records, it has more than 29 million items on its website and has 685 employees.

Other services that the company also earns from are its advertising platform, processing of payments, and shipping labels.

While the DIY company has not yet revealed how many shares it plans to sell and the expected price, Etsy said it intends to raise up to $100 million from the IPO.

About 1.4 million people are reportedly using the website to sell their products which are mostly handmade and vintage crafts,  arts and jewelry and DIY items.