Poshmark Sets IPO Price Range, Could Raise Up To $257.4M

Poshmark, known for being a social platform to buy and sell fashion and accessories, is moving forward with its initial public offering, saying Wednesday it seeks to raise up to $257.4 million in an initial public offering.

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In an S-1/A filing with the U.S. Securities and Exchange Commission, the Redwood City, California-based company said it intends to offer 6.6 million shares priced between $35 and $39 each. The company will list its shares on the Nasdaq Global Select Market under the symbol POSH.

If shares sell at the top of that range, the company could raise $257.4 million.

Poshmark confidentially filed to go public in September and then filed its S-1 in December.

The company reported net revenue of nearly $192.8 million for the nine months that ended on Sept. 30, 2020. That’s up about 28 percent from the same period in 2019.

In addition, Poshmark revealed it turned a quarterly profit for the first time for the three months that ended on June 30, 2020. Poshmark counts 70 million users on its platform and more than 130 million items sold.

The company raised around $153 million in funding from investors including Menlo Ventures, Mayfield 1, GGV Capital, most recently, with a $87.5 million Series E led by Temasek Holdings in November 2017.

Poshmark’s IPO is continuing the streak of venture-backed startups intending to enter the public markets that started in 2020. On Jan. 5, Affirm also confirmed it is moving ahead with its IPO, setting its price range in what looks to be a potential $934 million raise for the fintech company.

Illustration: Dom Guzman