Poshmark prices IPO above marketed range at US$42 a share

[NEW YORK] Poshmark, the online marketplace for second-hand goods, raised US$277 million in a US initial public offering (IPO), pricing the shares above a marketed range.

The company sold 6.6 million shares for US$42 each Wednesday, according to a statement confirming an earlier report by Bloomberg News. Poshmark had marketed the shares for US$35 to US$39.

Redwood City, California-based Poshmark is valued at about US$3.5 billion on a fully diluted basis, including options and restricted stock units.

The Poshmark IPO follows that of Affirm Holdings, the online consumer lender that almost doubled on its trading debut Wednesday after raising US$1.2 billion in its IPO.

PET Acquisition, the owner of the Petco retail chain, exceeded its marketed range to raise US$864 million in its IPO on Wednesday. The company, which is changing its name to Petco Health and Wellness Co, is backed by investors including the private equity firm CVC Capital Partners.

Poshmark's listing is being led by Morgan Stanley, Goldman Sachs Group and Barclays. The shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol POSH.

BLOOMBERG