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[NEW YORK] Poshmark, the online marketplace for used goods, raised $ 277 million in an initial public offering in the US and valued the shares over a marketed range.
The company sold 6.6 million shares for $ 42 every Wednesday, according to a statement confirming an earlier report by Bloomberg News. Poshmark had marketed the shares for $ 35 to $ 39.
Poshmark, based in Redwood City, California, is valued at approximately $ 3.5 billion at full dilution, including options and restricted stock units.
Poshmark’s initial public offering follows that of Affirm Holdings, the online consumer lender that nearly doubled its trading debut on Wednesday after raising $ 1.2 billion in its initial public offering.
PET Acquisition, the owner of the Petco retail chain, has exceeded its market margin and raised $ 864 million in its IPO on Wednesday. The company, which changes its name to Petco Health and Wellness Co, is backed by investors such as private equity firm CVC Capital Partners.
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Poshmark is listed on Morgan Stanley, Goldman Sachs Group and Barclays. The shares are expected to trade on Thursday on the Nasdaq Global Select Market under the symbol POSH.
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Ref: https://www.businesstimes.com.sg
