Poshmark, Inc., the online platform for used clothing, has confidentially submitted a draft registration statement to securities regulators to go public.
The US-based social commerce marketplace, while making this announcement on Friday, said that the number of shares and the price range for its initial public offering (IPO) haven’t yet been determined.
The IPO is expected to commence once the Securities and Exchange Commission completes the review process.
Here it is important to note that Poshmark had in September 2019 delayed its plans to go public to focus on increasing sales and bettering its execution strategies. It’s finally happening in 2020.
Founded in 2011 by Manish Chandra, the California-headquartered e-commerce firm is known for buying and selling high-end apparels.
Back in 2019, Poshmark had announced that Serena Williams – the tennis superstar – had joined its board of directors.
Watch this space for more details!
Also Read: Poshmark unveils new shoppable video feature ‘Posh Stories’
Also Read: Secondhand clothing market predicted to grow big this decade! May touch US $ 64 billion by 2024
