Ancestry, the Lehi, Utah-based online genealogy company, is readying an initial public offering, Bloomberg reports.
People familiar with the plans said an IPO could be made sometime in the second half of 2019. Ancestry did not respond to Bloomberg's request for comment.
Five things to know:
1. The IPO rumors come on the heels of Ancestry's being awarded a $2.4 million tax incentive package from the Utah Governor's Office of Economic Development, intended to encourage the genetic testing company to continue generating revenue and creating jobs in the state.
2. Ancestry has been public before: In 2009, it raised $100 million and traded as ACOM until a $1.6 billion buyout in 2012 took it private once again.
3. The company has yet to release its 2018 financial report, but in 2017, it generated a reported $1 billion in sales. In 2016, it reported a total valuation of $2.6 billion.
4. An IPO would likely give Ancestry a significant boost in its ongoing competition against 23andMe and other DNA testing companies, most of which are still privately held. According to Bloomberg, it would also allow the company to "take advantage of growing consumer interest in DNA tests and investors' appetite for new health and technology stocks."
5. In recent months, Ancestry has announced plans to increase its workforce, expand internationally, and introduce new features allowing users to better understand their DNA results and genealogy.
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