Redwood City, Calif.-based online fashion re-commerce marketplace Poshmark has filed for an initial public offering, the company said Thursday.
According to a Poshmark statement, it has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “POSH.” While it didn’t disclose the number of shares on offer or the price range, stating only that they “have not yet been determined,” other reports have said that it’s reportedly looking to sell $100 million worth of shares, though allowing that it could be a placeholder figure.
Key facts included in its S-1 filing with the U.S. Securities and Exchange Commission note that the nine-year-old company has 31.7 million active users, as of September, with as much as 80 percent comprising Millennial or Gen Z users. Typically people spend an average of 27 minutes in the marketplace per day.
“Three key trends are driving the future of retail: the shift to online, the shift to social, and the shift to secondhand,” the company said in its prospectus. “Many of these trends are led by younger generations who continue to grow their spending power as they age.”
Poshmark noted that the coronavirus pandemic has affected the company and believes it will continue to impact the business. Still, it pulled in $192.8 million in revenue from the beginning of the year until September, which is an uptick compared to the $150.5 million from the same period the previous year.