US-based second hand clothing company ThredUp Inc. announced that it raised $168 million in an initial public offering, as reported by Bloomberg.
According to a statement, on Thursday, the company sold 12 million of its shares for $13 per each share. The company now reportedly has a $1.27 billion market value.
“More millennial and generation Z consumers are driving the shift to secondhand each year,” said ThredUp Inc. in its filing. ‘’Younger customers are more conscious with sustainability and therefore more likely to shop for secondhand goods.’’
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The California-based company reported a $48 million net loss on $186 million in revenue last year, and a $38 million net loss on $164 million in revenue in 2019.
While ThredUp is backed by Trinity Ventures, Redpoint Ventures, Highland Capital Partners, Park West Ventures and Upfront Ventures, the offering is led by Goldman Sachs Group Inc. and Morgan Stanley.
According to Bloomberg’s report, trading of the company’s shares is expected to start today on the Nasdaq Global Select Market under the symbol TDUP.