Poshmark, Inc. Announces Pricing of Initial Public Offering

Rhea-AI Summary

Poshmark, Inc. has announced the pricing of its initial public offering (IPO) of 6,600,000 shares of Class A common stock at $42.00 per share, all offered by the company. Trading is set to commence on Nasdaq under the symbol 'POSH' on January 14, 2021, with closing expected on January 19, 2021, subject to conditions. The underwriters have a 30-day option to purchase an additional 990,000 shares. Morgan Stanley, Goldman Sachs, and Barclays are acting as lead book-running managers for the offering.

Positive

• IPO priced at $42.00 per share, indicating strong market interest.
• Potential additional sale of 990,000 shares could provide extra funding.

Negative

• Possible shareholder dilution due to additional shares sold.
• -

REDWOOD CITY, Calif., Jan. 13, 2021 /PRNewswire/ -- Poshmark, Inc. (Poshmark) today announced the pricing of the initial public offering (IPO) of 6,600,000 shares of its Class A common stock at a price to the public of $42.00 per share. All of the shares are being offered by Poshmark. The shares are expected to begin trading on the Nasdaq Global Select Market on Jan. 14, 2021 under the symbol "POSH." In addition, the underwriters have a 30-day option to buy up to an additional 990,000 shares of Class A common stock from the company at the IPO price, less underwriting discounts and commissions. The closing of the offering is expected to occur on Jan. 19, 2021, subject to satisfaction of customary closing conditions.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and Barclays Capital Inc. are acting as lead book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated, William Blair & Company, L.L.C, Raymond James & Associates, Inc., Cowen and Company, LLC, and JMP Securities LLC are acting as book-running managers.

The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by telephone at (866) 718-1649; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526; and Barclays Capital Inc., c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847.

A registration statement relating to these securities has been filed with the U. S. Securities and Exchange Commission and was declared effective on Jan. 13, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Poshmark, Inc.:
Poshmark is a leading social marketplace for new and secondhand style for women, men, kids, home, and more. By combining the human connection of physical shopping with the scale, ease, and selection benefits of ecommerce, Poshmark makes buying and selling simple, social, and fun. Its community of more than 70 million registered users across the U.S. and Canada is driving the future of commerce while promoting more sustainable consumption.

CONTACTS:

Media Contact
pr@poshmark.com 

Investor Contact
ir@poshmark.com

 

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SOURCE Poshmark

FAQ

What is the price of Poshmark's IPO?

The IPO price is set at $42.00 per share.

When will Poshmark's shares start trading?

Poshmark's shares will begin trading on January 14, 2021.

What is the symbol for Poshmark on the stock market?

The symbol for Poshmark is 'POSH'.

How many shares is Poshmark offering in the IPO?

Poshmark is offering 6,600,000 shares in the IPO.

What is the expected closing date for Poshmark's IPO?

The expected closing date for Poshmark's IPO is January 19, 2021.