American online secondhand clothing retailer Poshmark filed for an initial public offering (IPO) on 17 December, while revealing that it has made revenue gains and profits in the times of pandemic.
The secondhand retailer in its filing with US Securities and Exchange Commission listed the size of the offering to be US $ 100 million.
In its filing, Poshmark said that over 70 million of its users have sold more than 130 million products that have a combined value of over US $ 4 billion.
It also added that it had a net income of US $ 21 million on revenue of US $ 193 million in 9 months ended 30 September, compared to net loss of US $ 34 million on revenue of US $ 150 million during the same period last year.
The filing also said that Poshmark, a social e-commerce marketplace to buy and sell used high-end clothes, has Menlo Ventures, Mayfield and Inventus Capital as its investors.
Poshmark was launched in 2011 by Manish Chandra and has its headquarters in Redwood City, California.
Notably, the secondhand apparel market is expected to touch US $ 64 billion by 2024.
Also Read: Secondhand clothing market predicted to grow big this decade! May touch US $ 64 billion by 2024
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