Poshmark surges 150% on its first day of trading after $277 million IPO

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Rafael Henrique/SOPA Images/LightRocket via Getty Images Poshmark soared as much as 150% on Thursday after going public Wednesday The online marketplace for second-hand goods raised $277 million IPO Wednesday, selling 6.6 million shares for $42 apiece. Poshmark's leap continues the trend of massive investor demand for IPOs and SPACs, the company trades under the ticker "POSH" on the Nasdaq Global Select Market. Sign up here for our daily newsletter, 10 Things Before the Opening Bell.  Poshmark surged as much as 150% on Thursday as the second-hand goods provider made its public-market debut. The company's shares quickly jumped above the offering price of $42. This comes after Poshmark had initially marketed its shares in a range between $35 to $39. The Redwood-city based company raised $277 million by selling 6.6 million shares in its initial public offering. Poshmark's listing was led by the likes of Morgan Stanley, Goldman Sachs Group Inc., and Barclays Plc.  Poshmark boasts one of the most successful online second-hand good marketplaces with 4.5 million active sellers as of Sept. 30, some of whom have made six figures on the site.

The company offers over 200 million items to its 6.2 million active buyers, earning money by charging a 20% fee for sales of $15 ...read more...