Shares of Poshmark (NASDAQ:POSH) stock will begin trading on Thursday after the company priced its initial public offering (IPO) on Wednesday.
That said, here’s what potential POSH stock investors need to know regarding the IPO:
- According to Bloomberg, the company raised $277 million in its IPO — which was actually above the original market price.
- Poshmark sold 6.6 million shares of its stock for $42 per share.
- The firm is now valued at more than $3 billion.
- Poshmark is an online marketplace where consumers can buy and sell second-hand products.
- The website also allows users to hold virtual shopping parties.
- The company says it has 70 million registered users and more than 200 millions products on sale across the U.S. & Canada.
This news comes soon after the Affirm (NASDAQ:AFRM) IPO news, and on the same day that Petco (NASDAQ:WOOF) begins trading. That said, it will be an interesting start to the new year for these three companies.
As of this writing, POSH stock was not actively trading on the Nasdaq Exchange.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.