Level Info – US Poshmark prices IPO above the range at $ 42 per share

Poshmark Inc is poised for a $ 3 billion rollout on Wall Street – and valuation could climb even higher once traders get their hands on the stock

The company has valued its IPO at $ 42 per share, which is above its original range of $ 35-39 per share and is seeing strong demand in the market

Poshmark will raise $ 6,277 million of its Class A shares through the sale of $ 6 million and will use the funds to increase its financial flexibility. Further increases could be made if underwriters exercise options to purchase shares >

The company, led by Co-Founder, President and CEO Manish Chandra, is trading today on the Nasdaq Stock Exchange under the ticker symbol « POSH »

Poshmark has picked up on the frugal trend with an online marketplace selling second-hand styles, a movement fueled by growing sustainability concerns

As of September, the company had 45 million active sellers, 62 million active buyers, and over 201 million items listed

For the first nine months of this fiscal year, sales increased 28 percent to $ 1928 million with earnings of $ 218 million

Poshmark is part of a wave of supply where companies want to capitalize on a market that is still very strong, and all the more so considering how badly the pandemic has hit the economy

Washington has pumped billions of dollars into the system to shore up the economy, which is overshadowing Wall Street as investors look for places where all that money can flow

The German e-commerce website Mytheresa and the British shoe brand Dr Martens is also preparing for the public market spotlight

IPO, Poshmark HQ, Petco, Stock