EbeneInfo – US – Poshmark wants to join the IPO boom

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Poshmark Inc, The online marketplace for used goods, will start trading on Thursday This is the latest ecommerce website to tap the buoyant IPO market as the coronavirus pandemic continues to put pressure on brick and mortar stores

Poshmark announced that the IPO was valued at $ 42 per share, giving the company an initial valuation of more than 3 billion Shares traded above the target range of $ 35-39, the deal was valued at $ 1.25 billion in 2019 Poshmark declined to comment, citing a regulatory dormant period prior to going public

A number of digital marketplaces, including Poshmark, reported that in the spring of 2020, more people were selling merchandise to generate extra income and avoid boredom with widespread lockdowns, Poshmark sellers offer everything from reusable Starbucks mugs worth $ 17 up to 3 Louis Vuitton handbagsWhile many traditional clothing companies struggled to survive, Poshmark was down in the 30th quarter June profitable for the first time in its 10-year history

Headquartered in Redwood City, Calif., follows ContextLogic Inc, The parent company of e-commerce marketplace Wish, which traded below its $ 24 IPO price after a rocky debut last month, investor skepticism is an anomaly in an otherwise booming IPO market where tech companies like Airbnb Incand DoorDash Inc

ThredUP Inc, an online thrift store and Poshmark competitor, signed up confidentially to go public in October while luxury retailer Mytheresa Group made plans this week for a debut valued at around $ 1.6 billion, all of these companies following the online – Broadcasting company The RealReal Inc, Which went public in 2019 and now has a market value of approx $ 2 has 3 billion

While The RealReal focuses solely on high-end merchandise, Poshmark sellers can list merchandise that can be retailed at various prices, as well as handcrafted items.Like the RealReal and sneaker marketplace StockX LLC, Poshmark also has an authentication process Poshmark introduced for luxury goods restricts authentication to items worth $ 500 or more

RealReal and thredUP are online shipping services, while Poshmark is a marketplace that eBay Inc This allows sellers to list, sell, and ship their goods to buyers directly. Poshmark charges a flat fee of 20% for sales above $ 15 and $ 295 for sales below that price and has the ability to keep its costs down by not buying inventory

Poshmark calls itself a « social marketplace » and attributes its success to engaging customers by maintaining an experience that feels more like surfing Instagram than a traditional retail website, the company said its According to the filing by the Securities and Exchange Commission, 7 million active users spent around 27 minutes per day on their platform, Poshmark, in 2019, defining an active user as anyone who has visited the marketplace in the past 12 months

The company had sales of $ 1928 million for the nine months ended June 30 September, 28% more than last year, according to IPO registration

Second-hand retailing has gained prominence in the broader apparel sector in recent years as younger consumers prefer reselling to quickly freshen up their closets with trendy and sought-after items without breaking the bank

The total resale market was $ 28 billion in 2019 and is projected to grow to $ 64 billion by 2024, according to a GlobalData study commissioned by thredUP, the same report forecast that the online used market in the year 2020 will expand even as the broader retail sector shrinks

The $ 42 IPO price of Poshmark, managed by a group of eight banks led by Morgan Stanley, Goldman Sachs, and Barclays, would allow the company to raise more than $ 277 million The company is listed on the Nasdaq Stock Market under the symbol « POSH »

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IPO, Poshmark HQ, Petco, Stock, Share

EbeneInfo – USA – Poshmark will join the IPO boom
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Source: https://www.foxbusiness.com/markets/poshmark-set-to-join-ipo-boom

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