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Online clothing retailer Poshmark accounts for over 130% of the total. At the company’s market launch on Thursday
Shares started trading at $ 97.50 per share. On Wednesday, Poshmark set an IPO price of $ 42 per share, giving it an initial valuation of more than $ 3 billion.
The company previously said it expected to sell between $ 35 and $ 39 worth nearly $ 600 million in the last round, a Series D, in November 2017.
Poshmark, founded in 2011, is an internet marketplace for shoes, used clothing, and accessories.Like eBay and Etsy, Poshmark connects buyers with sellers, often listing items from their own wardrobes.Poshmark makes money with every cut. Transactions
The company was going public at a time when the 2021 IPO market was heating up, the payments firm confirmed it skyrocketed nearly 100% in its market debut Wednesday, Petco Health and Wellness, a pet retailer and gaming company. Online Playtika is scheduled to open on Thursday.
Poshmark filed public in December. In the IPO prospectus, Poshmark said it benefited from the overwhelming demand caused by the corona virus as home-stranded shoppers continue to turn to online retailers for essential and non-essential items. The market serves as an additional revenue source for Poshmark’s 4.5 million sellers, the company said.
Poshmark grossed $ 192.8 million in the first three quarters of 2020, up 28 percent from the same period a year ago, according to the S-1.The company also disclosed a profit of $ 20.9 million during the period after a $ 33.9 million loss in Last year
The company currently counts 6.2 million active buyers and 31.7 million active users, most of them women and millennials, or Gen Z.It has Amazon, eBay, Etsy, Facebook, Shopify, TJ Maxx and Walmart among competitors.
Morgan Stanley and Goldman Sachs were presenters.