Poshmark soars into another star IPO by Investing.com

© Reuters.

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.

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