Poshmark, a peer-to-peer fashion e-commerce site, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
The company operates a social marketplace that combines the human connection of a physical shopping experience with the scale, reach, ease, and selection benefits of e-commerce. Its proprietary e-commerce technology allows seamless, secure transaction capabilities in a highly distributed network across millions of buyers and sellers, without having to touch or own physical inventory. As of September 30, 2020, there were over 201 million secondhand and new items for sale across 9,431 brands on the marketplace, facilitated by 31.7 million Active Users, 6.2 million Active Buyers, and 4.5 million Active Sellers.
The Redwood City, CA-based company was founded in 2011 and booked $247 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol POSH. Poshmark filed confidentially on September 25, 2020. Morgan Stanley, Goldman Sachs, Barclays, Stifel, William Blair, Raymond James, Cowen, and JMP Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
