Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images
Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images
Poshmark Inc., the online second-hand goods market, raised $ 277 million in a US initial public offering and raised the shares above a market range.
The company sold 6.6 million shares for $ 42 every Wednesday, according to a statement confirms an earlier report by Bloomberg News. Poshmark marketed the shares for $ 35 to $ 39.
Poshmark in Redwood City, California, is valued at about $ 3.5 billion on a fully diluted basis, including options and limited shares.
The Poshmark IPO follows the surname Affirm Holdings Inc., the online consumer lender that nearly doubled on Wednesday after raising $ 1.2 billion in its IPO.
PET Acquisition LLC, the owner of the Petco retail chain, exceeded its marketed range to raise $ 864 million in its IPO on Wednesday. The company, which changes its name to Petco Health and Wellness Co., is supported 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. The shares are expected to trade on the Nasdaq Global Select Market on Thursday under the symbol POSH.
(Updates with statement in second paragraph)