Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images
Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images
Poshmark Inc., the online marketplace for second-hand goods, raised $ 277 million in an initial US public offering, setting stock prices across a range.
The company sold 6.6 million shares for $ 42 each Wednesday, according to a statement confirming a previous Bloomberg News report. Poshmark had traded the shares for $ 35 to $ 39.
Poshmark, headquartered in Redwood City, California, is valued at approximately $ 3.5 billion on a fully diluted basis, including options and restricted stock units.
Poshmark’s IPO follows that of Affirm Holdings Inc., the online consumer lender that nearly doubled in its commercial debut on Wednesday, after raising $ 1.2 billion in IPOs.
PET Acquisition LLC, the owner of the Petco retail chain, exceeded its marketed range to raise $ 864 million in IPOs on Wednesday. The company, which changes its name to Petco Health and Wellness Co., is backed by investors, including the private equity firm. CVC Capital Partners.
Poshmark’s listing is led by Morgan Stanley, Goldman Sachs Group Inc. and Barclays Plc. Shares are expected to begin trading on the Nasdaq Global Select market on Thursday under the symbol POSH.
(Updates with statement in the second paragraph)