initial public offerings (IPOs) trading on American exchanges

Tuesday, June 9, 2020

Vroom (VRM) began trading on the Nasdaq on Tue 9 June 2020

Vroom is a New York City-based used car retailer and e-commerce company that enables consumers to buy, sell and finance cars online.
  • Headquarters: New York, NY
  • CEO: Paul J. Hennessy (Jun 8, 2016–)
  • Founded: 2013
Vroom upsized offering by 2.5 mln shares and priced 21.25 mln share IPO at $22.00 per share, above the expected range of $18-20

Vroom said in its IPO filing that the coronavirus pandemic could move more car buyers online. However, the company did acknowledge that the covid-19 pandemic did hurt its e-commerce operations, with online sales falling 15% from March 11 to March 31.

Vroom's IPO follows that of Warner Music Group  (WMG), which began trading last Wednesday, and ZoomInfo Technologies  (ZI), which debuted last Thursday.

The market for initial public offerings has been heating up this month. Last week, the IPO market saw more than $7 billion raised globally, according to a report from Bloomberg.

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