Poshmark Inc., the online marketplace for second-hand goods, raised $277 million in a U.S. initial public offering, pricing the shares above a marketed range.
The company sold 6.6 million shares for $42 each Wednesday, according to a statement confirming an earlier report by Bloomberg News. Poshmark had marketed the shares for $35 to $39.
Redwood City, California-based Poshmark is valued at about $3.5 billion on a fully diluted basis, including options and restricted stock units.
The Poshmark IPO follows that of Affirm Holdings Inc., the online consumer lender that almost doubled on its trading debut after raising $1.2 billion in its IPO.
PET Acquisition LLC, the owner of the Petco retail chain, exceeded its marketed range to raise $864 million in its IPO on Wednesday. The company, which is changing its name to Petco Health and Wellness Co., is backed by investors including the private equity firm CVC Capital Partners.
Poshmark’s listing is being led by Morgan Stanley, Goldman Sachs Group Inc. and Barclays Plc. The shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol POSH.