Vroom, an online used car marketplace, raised the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $356 million by offering 18.75 million shares at a price range of $18 to $20, up from the original range of $15 to $17. At the midpoint of the revised range, Vroom will raise 19% more in proceeds than previously anticipated.
Close competitor and 2017 IPO Carvana is up about 12% in the year-to-date period, rallying 270% from its March low.
Vroom was founded in 2012 And booked $1.3 billion in sales for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol VRM. Goldman Sachs, BofA Securities, Allen & Company and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of June 8, 2020.
