2021 is shaping up to be a hot year for initial public offerings following strong debuts from Airbnb and DoorDash with Poshmark and Petco seeing banner first days of trading.
Redwood City, Calif.-based Poshmark, which allows users to buy and sell fashion, priced its offering at $42 per share raising around $277 million, according to an amended S-1 filing.
Poshmark, whose IPO was led by Goldman Sachs and Barclays, trades under the ticker symbol “POSH” on the Nasdaq Global Select Market.
Shares of Poshmark opened at $97.50, valuing the company at around $7 billion.
|WOOF||PETCO HEALTH AND WELLNESS COMPANY INC.||29.43||+3.43||+13.19%|
Petco, which trades under the ticker “WOOF” on the Nasdaq Global Select Market, raised $816 million, according to an SEC filing. Petco priced its 48 million shares at $18 per share, above the expected range.
Shares opened at $26 per share, a gain of 50%, valuing the company at roughly $7 billion.
Petco announced late last year that it was going public, the third time it has done so. It has previously been acquired by private-equity firms CVC Capital Partners and Canadian Pension Plan Investment Board for $4.6 billion in 2016.
Petco also went private in October 2006, when it was acquired by private equity firms TPG Global and Leonard Green & Partners.
The IPO follows fintech company Affirm Holdings, which has gained popularity during the coronavirus pandemic, went public this week making former PayPal co-founder Max Levchin and investor Peter Thiel even wealthier.
|AFRM||AFFIRM HLDGS INC||114.31||+17.07||+17.56%|
Trading on the Nasdaq Global Select Market under the ticker “AFRM” shares have gained more than 100%. They were up another 41% on Thursday, last trading at $137.51, after pricing at $49 per share.
As for consumer deals on the docket, earlier this month, FOX Business exclusively reported that Sweden-based Oatly, which uses oats to make vegan products like oat milk, yogurt, and cheese, is slated to go public sometime this year.
The company, backed by the likes of Oprah Winfrey, Natalie Portman, and rapper Jay-Z’s entertainment company Roc Nation, could raise $1 billion and has reportedly hired Morgan Stanley, JP Morgan Chase and Credit Suisse to advise on the IPO, according to CNBC. Blackstone Group last July led a $200 million round of funding for Oatly.
FOX Business’ Jeanette Settembre contributed to this story.
*This story, originally published on 1/8/21, was updated.
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