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Bloomberg
Poshmark Inc, the online marketplace for second-hand goods, rose 142% in its trading debut after raising $277 million in an initial public offering priced above the marketed range.
Shares closed at $101.50 in New York trading, valuing the Redwood City, California-based company at about
$8.5 billion on a fully diluted basis including options and restricted stock units. The company sold 6.6 million shares for $42 each, after marketing them for $35 to $39.
The Poshmark IPO follows that of Affirm Holdings Inc, the online consumer lender that almost doubled on its trading debut after raising $1.2 billion in its IPO.
Poshmark, which bills itself as a social marketplace,
differentiates itself from competitors by emphasizing interactions among buyers and sellers. Some 74% of the items sold are secondhand, with active users spending 27 minutes on the site each day,
Chief Executive Officer Manish Chandra said in an interview.