ACV Auctions, a mobile platform for wholesale car auctions, announced terms for its IPO on Monday.
The Buffalo, NY-based company plans to raise $314 million by offering 16.6 million shares at a price range of $18 to $20. At the midpoint of the proposed range, ACV Auctions would command a fully diluted market value of $3.1 billion.
ACV Auctions provides a digital marketplace for wholesale vehicle transactions and data services that offers transparent and accurate vehicle information for customers. Since its 2014 inception, ACV has facilitated over 750,000 wholesale transactions between over 21,000 dealers and commercial partners.
ACV Auctions was founded in 2014 and booked $208 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol ACVA. Goldman Sachs, J.P. Morgan, Citi, BofA Securities and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of March 22, 2021.
