Vroom (NASDAQ:VRM), an online used car retailer, is starting its IPO on Tuesday and investors may want to keep an eye on the company.
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Here’s what potential investors need to know about the Vroom IPO.
- The company’s IPO has it trading shares of VRM stock on the Nasdaq Global Select Market starting today.
- The IPO includes 21.25 million shares that are priced at $22 each.
- It’s worth pointing out that this is above its initial price range of $18 to $20 per share for the IPO.
- There’s also a 30-day option for underwriters to acquire an additional 3,187,500 shares of VRM stock.
- That has the total value of the Vroom IPO sitting between $467.5 million and $537.63 million.
- The market capitalization of Vroom comes in at $2.5 billion.
- Goldman Sachs & Co. LLC, BofA Securities, Allen & Company LLC, and Wells Fargo Securities are acting as joint lead book-runners for the IPO.
- Co-managers for the offering include Stifel, William Blair, Baird, JMP Securities, and Wedbush Securities.
- The Vroom IPO is only set to last until Thursday.
- While the price of VRM stock started at $22 per share, it quickly started rising higher after trading started today.
- As of the afternoon, the stock is currently trading at around $45 per share.
- Investors that want to know more about Vroom’s future plans can hear an update from CEO Paul Hennessy.
- That update will take place on the Markets Now show from CNN Business at 12:45 p.m. Eastern Time on Wednesday.
VRM stock was up 104.1% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
