Social media fashion platform Poshmark has announced its plans for making an initial public offering. A little out of the fashion world loop? Don’t worry, we got you.
Poshmark offers a social commerce marketplace where users buy and sell new or used clothing, shoes, and accessories. Since its launch in 2011, Poshmark has quickly grown to become a multimillion-dollar retailer and now counts itself among the ranks of eBay and Etsy. Unlike other e-commerce platforms, Poshmark allows users to follow each other as well as like, comment on, and share clothing listings (like of like a social network).
The company now believes it’s a good time to go public, hoping to emulate the success of some of 2020’s red hot IPOs. Poshmark filed its S-1 with the U.S. Securities and Exchange Commission in December, declaring its intent to issue 6.6m shares valued between USD 35 and USD 39 each. The shares will be listed on the Nasdaq Global Select Market under the ticker symbol POSH.