Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images
Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images
Poshmark Inc., the online used goods marketplace, raised $ 277 million in a US initial public offering, pricing its stock above a marketed range.
The company sold 6.6 million shares for $ 42 every Wednesday, according to one statement confirming an earlier report from Bloomberg News. Poshmark had marketed the stock for $ 35 to $ 39.
Redwood City, California-based Poshmark is valued at approximately $ 3.5 billion on a fully diluted basis, including options and restricted stock units.
The Poshmark IPO follows that of Affirm Holdings Inc., the online consumer credit provider that nearly doubled on Wednesday on its trading debut after raising $ 1.2 billion on its IPO.
PET Acquisition LLC, the owner of the Petco retail chain, exceeded its marketed range, raising $ 864 million on its IPO 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 list is headed by Morgan Stanley, Goldman Sachs Group Inc. and Barclays Plc. The shares are expected to start trading Thursday on the Nasdaq Global Select Market under the symbol POSH.
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