News: Goldman-backed ThredUp looks to raise up to $168 million through U.S. IPO.
(Reuters) – Goldman Sachs-backed ThredUp Inc plans to raise up to $ 168 million through an IPO in the United States.
The company planned to sell 12 million shares at a price between $ 12 per share and $ 14 per share, with a valuation of around $ 1.3 billion at the high end of the range.
Ecommerce businesses have benefited from the COVID-19 pandemic as people preferred to stay indoors and shop online, which has resulted in a plethora of digital resellers in recent months, including Poshmark Inc and the parent company of Shish App ContextLogic Inc, went public.
ThredUp was founded in 2009 and has so far processed more than 100 million individual items from 35,000 brands. As of December 31, 2020, the company had approximately 1.24 million active buyers and 428,000 active sellers on its platform.
The company’s revenue rose 14% to $ 186 million in 2020, while its net loss increased to $ 47.9 million from $ 38.2 million a year ago.
ThredUp, whose investors include Trinity Ventures, Redpoint Ventures, Highland Capital Partners and Upfront Ventures, raised $ 175 million in a financing round in 2019.
The resale company said it would use $ 500,000 of the proceeds from the offering to start an environmental function to advocate for apparel reuse.
Goldman Sachs and Morgan Stanley are the primary insurers of the offering.
Reporting by Sohini Podder in Bengaluru; Adaptation by Aditya Soni
Original Source © Reuters