Poshmark (POSH) : IPO and acquisition

Poshmark priced its initial public offering (IPO) at $42 per share on January 14, 2021, trading on the Nasdaq under the ticker symbol "POSH". 

 IPO Details

IPO Price: $42.00 per share (above the raised target range of $35–$39).
Opening and First-Day Trading: The stock opened at $97.50 and closed its first day up over 141% at $101.50 per share.
Initial Valuation: The offering gave the online resale marketplace an initial valuation of over $3 billion, which spiked past $7 billion based on its first-day closing price.
Capital Raised: The company raised approximately $277.2 million by offering 6.6 million shares of Class A common stock.

Subsequent Acquisition

Poshmark remained an independent public company for less than two years. In January 2023, South Korean internet giant Naver completed the acquisition of Poshmark in an all-cash deal valued at $17.90 per share, taking the company private at a valuation significantly below its IPO price.

IPOs this week : July 12 - 16, 2021 (wk 28)

IPO quiet period expirations

• Angel Oak Mortgage (AOMR), Convey Health (CNVY), Lyell Immunopharma (LYEL), Verve Therapeutics (VERV), and WalkMe (WKME) on July 12; 

• Ambrx Biopharma (AMAM), Cyteir Therapeutics (CYT), Codex DNA (DNAY), Century Therapeutics (IPSC), AiHuiShou International (RERE), and Tremor (TRMR) on July 13. 

IPO lockup expirations

• Affirm (AFRM) on July 12; 

• Poshmark (POSH) on July 13; and 

• Driven Brands (DRVN) and Playtika (PLTK) on July 14.

IPOs this week : Jan 11 - 15, 21 (wk 2)

IPOs expected to price 

• Affirm Holdings (AFRM), 

• Driven Brands (DRVN), 

• Kuke Music Holding (KUKE), 

• Motorsport Games (MSGM), 

• Petco Health and Wellness (WOOF), 

• Playtika Holding (NYSE:PLTK), 

• Poshmark (POSH) and 

• Qilian International Holding (QLI).

Poshmark has filed for IPO

(Bloomberg) — Poshmark Inc., an online resale marketplace for second-hand clothing, filed for an initial public offering, disclosing revenue gains and a profit during the coronavirus pandemic.

The Redwood City, California-based company in its filing Thursday with the U.S. Securities and Exchange Commission listed the size of the offering as $100 million, a placeholder that will likely change.

More than 70 million Poshmark users have sold more than 130 million items with a combined value exceeding $4 billion, the company said in its filing.

For the nine months ended Sept. 30, Poshmark said it had net income of $21 million on revenue of $193 million, compared with a net loss of $34 million on revenue of $150 million during the same period in 2019.

Manish Chandra

Founded by Chief Executive Officer Manish Chandra, Poshmark provides a marketplace to buy and sell high-end clothes harvested from closets. The company, whose website allows shoppers to exchange comments on products, has been at the forefront of the online shopping trend known as “social commerce.”

Poshmark’s investors include Mayfield, Menlo Ventures and Inventus Capital, according to its filing.