Poshmark prices IPO above target to raise $ 277 million

Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images

Poshmark Inc., the online second-hand goods marketplace, raised $ 277 million in an initial public offering in the United States, pricing the shares above a marketed range.

The company sold 6.6 million shares for $ 42 each Wednesday, according to a statement confirming an earlier Bloomberg News report. Poshmark had marketed the shares for $ 35 to $ 39.

Poshmark, based in Redwood City, Calif., Is valued at approximately $ 3.5 billion on a fully diluted basis, including options and restricted stock units.

Poshmark’s IPO follows that of Affirm Holdings Inc., the online consumer lender that nearly doubled when it debuted on Wednesday after raising $ 1.2 billion when it went public.

PET Acquisition LLC, owner of retail chain Petco, broke its marketed range to raise $ 864 million when it went public on Wednesday. The company, which changes its name to Petco Health and Wellness Co., is backed by investors, including the private equity firm CVC Capital Partners.

The Poshmark List is headed by Morgan Stanley, Goldman Sachs Group Inc. and Barclays Plc. The shares are expected to start trading Thursday on the Nasdaq Global Select Market under the symbol POSH.

(Updates with declaration in the second paragraph)