Poshmark soars into another star IPO by Investing.com

By Christiana Sciaudone Investing.com – Poshmark Inc (NASDAQ 🙂 opened at $ 97.50, more than double the $ 42 it was trading at on Wednesday. The social media market offered around 6.6 million shares, initially traded between $ 35 and $ 39, on Wednesday to raise $ 277 million in its public offering and now has a market value of around $ 3.5 billion. Poshmark, founded in 2011, is listed under the ticker symbol POSH on the Nasdaq. In September, there were more than 201 million new and second-hand items for sale at 9,431 brands on the Poshmark market. Active users totaled 31.7 million, with 6.2 million active buyers and 4.5 million active sellers. In the four quarters ended September, Poshmark reported revenue of $ 247.5 million and net income of $ 6.2 million, the company said in its prospectus. It intends to add new product segments and expand internationally.

Disclaimer: Fusion Media wishes to remind you that the data contained on this website is not necessarily accurate or in real time. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges but by market makers, so the prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not appropriate for commercial purposes. Therefore, Fusion Media assumes no responsibility for any business losses you may incur as a result of the use of this data. Fusion Media or anyone involved with Fusion Media will accept no responsibility for loss or damage as a result of reliance on information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading financial markets, it is one of the riskiest investment forms possible.