Poshmark More Than Doubles In IPO, Pushing Valuation Above $7 Billion

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Date: 20.01.2021

Poshmark is a leading social marketplace for new and secondhand style for women, men, kids, home, and more. Company has 70 Million registered users across the U.S. & Canada

Shares of online thrift store Poshmark soared 142% on its first day of trading on Thursday, pushing its valuation above $7 billion.

The San Francisco-based company’s stock ended the day at $101.50. It had priced its shares at $42 each on Wednesday evening, up from a previous range of $35 and $39. That gave the company a valuation of $3.5 billion on a fully diluted basis, almost triple the $1.25 billion it was valued at in 2019 when some of the company’s existing investors sold shares in a secondary transaction, according to the Wall Street Journal. Cofounder and CEO Manish Chandra’s 9% stake in the company was worth over $600 million.

 

Source: Forbes.com

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