ThredUp Inc., an online marketplace for secondhand clothing, priced its initial public offering at the top of a marketed range, raising $168 million.
Oakland-based ThredUp sold 12 million share for $14 each, according to a statement.
ThredUp shares jumped nearly 43% on their first day of trading, closing at $20.04 per share on the Nasdaq. The online secondhand clothing marketplace raised $168 million in its initial public offering, priced at the top of a marketed range. The strong market debut comes amid a resurgence in retail stocks, with many companies reporting strong holiday sales.
About Oakland Based ThredUp Inc.
ThredUp Inc is an online marketplace for secondhand clothing and accessories. It is headquartered in Oakland, California, United States, and was founded in 2009. ThredUp enables customers to buy and sell used apparel with the convenience and trust of a traditional retailer. It has raised over $168 million in its initial public offering priced at the top of a marketed range.
It is estimated that the company has around 20-25% of the market share in the US. Additionally, ThredUp is expanding into international markets, including the UK, France, Germany, and Australia. The company has also partnered with numerous retailers, including Nordstrom, Macy’s, and JCPenney, to offer its services to a wider audience. ThredUp has also raised significant amounts of funding, which has enabled it to invest in marketing and research to further grow its business.
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