- The online fashion market Poshmark filed an initial public offering on Thursday after becoming profitable during the pandemic.
- The clothing resale platform listed the size of its offering at $ 100 million. An IPO price range has not yet been defined.
- The company said its revenue increased 28% in the first three quarters of 2020, to $ 192 million, from $ 150 million in the same period last year.
- Poshmark had over 201 million used and new items for sale as of September 30, with nearly 32 million active users.
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Poshmark, the popular online marketplace for second-hand clothing, released a Securities and Exchange Commission brief on Thursday.
In its S1 filing, Poshmark listed the size of its initial public offering at $ 100 million. Usually, companies mention fictitious numbers in their IPO filings until a price range is set.
The e-commerce platform plans to list on the Nasdaq under the symbol “POSH”.
Poshmark said it had more than 201 million used and new items for sale as of September 30, and nearly 32 million active users.
Revenue increased 28% in the nine months ended September to about $ 193 million. This amount was $ 150 million at the same time last year. Profit rose to around $ 21 million in the same period, from a net loss of $ 34 million a year ago.
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The social shopping app allows users, known as “Poshers”, to buy and sell clothes and accessories. This includes everything from second-hand t-shirts to vintage dresses and private labels. Auctions and merchandise sales have even allowed some to earn six-figure incomes just through their Poshmark stores.
The company’s IPO comes on top of a line of unicorn tech startups that have just made their public debuts, including DoorDash and Airbnb, both of which have seen huge post-IPO stocks over the years. a record year for IPOs. This indicates the level of market appetite for technology platforms.
Candy Cheng of Business Insider reported that Poshmark previously suspended its IPO in 2019, but delayed it to focus on increasing sales and improving its execution.
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