The online marketplace for second-hand goods, Poshmark Inc., raised $ 277 million in the initial US public offering, valuing shares above a marketed range.
The company sold 6.6 million shares each Wednesday for $ 42 Confirmation of earlier report by Bloomberg News. Poshmark marketed the shares for $ 35 to $ 39.
Redwood City, California-based Poshmark is valued at $ 3.5 billion on a fully diluted basis, which includes options and restricted stock units.
Poshmark IPO follows Online consumer lender Aff Aff Holdings Inc. Doubled its business start on Wednesday after raising $ 1.2 billion in its IPO.
Pet Acquisition LLC, the owner of Petco retail chain, crossed its marketing threshold to raise $ 864 million in its IPO on Wednesday. The company, which is changing its name to Petco Health and Wellness Company, is supported by investors including private equity firms CVC Capital Partners.
Poshmark’s list is headed Morgan Stanley, Goldman Sachs Group Inc. and Barclays PLC. Trading in the Nasdaq Global Select Market under Shares POSH is expected to start from Thursday.
()Update with statement in second paragraph)