By Daniel Hunter
US online crafts marketplace Etsy has warned that it may never be profitable, as it prepares to list on the stock market.
Etsy said there were "numerous risks" associated with investing, including a history of operating losses.
"We may not achieve or maintain profitability in the future [and] our quarterly operating results may fluctuate, which could cause our stock price to decline," the firm said.
The Brooklyn-based company set its share price at $16 ahead of its listing on the Nasdaq tomorrow (Friday). The price values the company at around $1.8 billion (£1.2bn).
Nearly $2m worth of vintage craft goods have been sold to almost 20 million buyers since Etsy was launched 10 years ago.