Fashion e-commerce platform Poshmark announced the terms for its previously announced $257 million IPO on Wednesday, Jan. 6. The e-commerce site first filed a registration statement with the U.S. Securities and Exchange Commission (SEC) in December 2020. At the time of filing, Poshmark had not determined the number of shares to be offered, nor the price range. The registration statement was also not yet effective.
Poshmark planned to raise $244 million by offering 6.6 million shares at a price range of $35 to $39. At the midpoint of the proposed range, Poshmark would command a fully diluted market value of $3.1 billion. The company holds 73,337,202 class A and B shares outstanding. With this, Poshmark will have a $2.86 billion market capitalization at $39 a share.