Poshmark’s shares soar in debut to public markets

Shares of Poshmark soared in their debut trading in the public markets Thursday, a testament to the strength of the online marketplace for second-hand goods even during a pandemic

NEW YORK — Shares of Poshmark soared in their debut trading in the public markets Thursday, a testament to the strength of the online marketplace for second-hand goods even during a pandemic.

The company, founded in 2011 by Manish Chandra, debuted on the Nasdaq Stock Market and is listed under the ticker “POSH.” Late Wednesday, the initial public offering of 6.6 million shares was priced at $42 a share, above an expected range of $35 to $39 a share.

The stock surged to $101.25, or 141% late Thursday morning.

Poshmark, which has 70 million total users, achieved profitability for the first time in the quarter ended June 30.

For the nine month period ended Sept. 30, revenue rose to $192.76 million, up 28% from $150.49 million in the year-ago period, according to its prospectus filed with the Securities and Exchange Commission.

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