ThredUp Inc. is set to make its market debut on Friday after raising $168 million at a valuation of about $1.3 billion, according to the Wall Street Journal. The company set its final listing price at $14 for the 12 million shares expected to start trading on market opening.
ThredUp will use the IPO proceeds to expand the business and make new investments in the company’s operating platform and technology.
Company co-founder and CEO James Reinhart said the IPO is a validation of the market opportunity
Last year, ThredUp, which sells women’s and children’s apparel, posted $186 million in revenue, up 14% from the previous year.
The company reported a loss of $48 million last year, up from a loss of $38 million in 2019.
At the end of last year, ThredUp had 1.2 million active buyers, up 24% from the previous year
ThredUp will trade under ticker symbol TDUP
