Online retailer Etsy opens at $31 after pricing IPO at $16

Etsy shares more than doubled in its first day of trading Thursday after pricing its IPO at $16 a share.

The stock opened at $31 and touched a high of $34.54 on the Nasdaq.

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Read More Is Etsy the next eBay, Amazon or dot-com bust?

The New York-based company’s IPO raised about $266.66 million at that price, the top end of its expected range of $14-$16 per share. Etsy, which had 1.4 million active sellers and 19.8 million active buyers as of December, also earns from its advertising platform, payment processing and shipping labels.

The company, led by former Yahoo executive Chad Dickerson, counts, eBay and Alibaba among its larger rivals.

–Reuters contributed to this report.