Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images
Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images
Poshmark Inc., the online second-hand market, raised $ 277 million in an initial public offering in the United States, setting the share price above the marketed range.
The company sold 6.6 million shares for $ 42 every Wednesday, according to a statement confirming an earlier Bloomberg News report. Poshmark had traded the shares for $ 35 to $ 39.
Poshmark, based in Redwood City, California, is valued at around $ 3.5 billion on a fully diluted basis, including restricted options and shares.
Poshmark’s IPO follows that of Affirm Holdings Inc., the online consumer bank that almost doubled in its debut on Wednesday after raising $ 1.2 billion in its IPO.
PET Acquisition LLC, owner of the retail chain Petco, exceeded its marketed range to raise $ 864 million in its IPO on Wednesday. The company, which is changing its name to Petco Health and Wellness Co., is supported by investors, including the private equity firm CVC Capital Partners.
Poshmark’s listing is being led by Morgan Stanley, Goldman Sachs Group Inc. and Barclays Plc. Shares are due to start trading on Thursday at the Nasdaq Global Select Market under the POSH symbol.
(Updates with declaration in the second paragraph)