Poshmark to go public as early as this week
Resale e-tailer Poshmark is expected to officially file for an initial public offering (IPO) as early as this week.
After revealing plans in late September to go public, the company filed confidentially with the SEC a draft registration statement. That means the number of shares being sold by the U.S.-based company and the offer price are still unknown.
While the fashion industry was among the hardest hit sectors amid the Covid-19 pandemic, a few brands have managed to take a leap from private, to public, this year.
Those who remained in the IPO market include e-commerce businesses, including resale marketplaces, as consumers have been forced for much of the year to seek alternatives to traditional retail shopping.
For Poshmark, that means its status as a resale retailer continues to have a growing importance amid the pandemic, as it did before it.
Likewise, its main competitor ThredUp equally revealed that it had filed confidentially for an IPO in the United States. ThredUp is currently hoping to be listed by early 2021. According to Bloomberg, ThredUp could raise between $200 million and $300 million with the IPO.
In February, Poshmark said it had processed 100 million resale transactions with 60 million members. It operates a peer-to-peer model in the U.S. and, since last year, in Canada as well.
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