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Investing.com — Poshmark Inc (NASDAQ:POSH) opened at $97.50, more than twice the $42 at which it priced on Wednesday.
The social media marketplace offered about 6.6 million shares — initially marketed between $35 and $39 — on Wednesday to raise $277 million in its public offering and now has a market worth of about $3.5 billion.
Poshmark, founded in 2011, is trading under the ticker POSH on the Nasdaq.
As of September, there were over 201 million secondhand and new items for sale across 9,431 brands on the Poshmark marketplace. Active users totaled 31.7 million, with 6.2 million active buyers and 4.5 million active sellers. In the four quarters ended in 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.
