ThredUp's shares pop in stock market debut
Shares of ThredUp rose 30% in their stock market debut Friday, March 26, 2021, reflecting investor enthusiasm for the online marketplace for second-hand fashion goods. (AP Photo/Matt York, File)NEW YORK โ Shares of ThredUp rose more than 40% in their stock market debut Friday, reflecting investor enthusiasm for the online seller of second-hand women's and children's clothing. The stock market debut followed strong investor enthusiasm for Poshmark Inc., whose stock more than doubled to $101.50 valuing the company at $7.4 billion in its showing on Jan. 14. Late Thursday, ThredUp's initial public offering of 12 million shares was priced at $14 apiece, the high end of its estimated range of $12 to $14, according to a statement by the company. The total resale market reached $28 billion in 2019 and should increase to $64 billion by 2024, according to research from GlobalData commissioned by ThredUp.