Poshmark Prices IPO Above Marketed Range at $42 a Share

(Bloomberg) -- Poshmark Inc., the online marketplace for second-hand goods, is pricing its U.S. initial public offering above a marketed range, according to people with knowledge of the matter.

The company is selling the shares for $42 each, which will raise about $277 million, said the people, who asked not to be identified because the information wasn’t public yet. Poshmark had marketed 6.6 million shares for $35 to $39, according to its filings with the U.S. Securities and Exchange Commission.

A representative for the Redwood City, California-based company declined to comment.

The Poshmark IPO follows that of Affirm Holdings Inc., the online consumer lender that almost doubled on its trading debut Wednesday after raising $1.2 billion in its IPO.

PET Acquisition LLC, the owner of the Petco retail chain, is also set to price its IPO on Wednesday. Petco is backed by investors including the private equity firm CVC Capital Partners.

Poshmark’s listing is being led by Morgan Stanley, Goldman Sachs Group Inc. and Barclays Plc. The shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol POSH.

(Updates with pricing decision in first paragraph)