Online fashion platform Poshmark to offer 6.6 million shares in IPO, priced at $35 to $39 each

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Redwood City, Calif-based online fashion platform Poshmark Inc. set terms for its initial public offering on Wednesday, with plans to offer 6.6 million shares, priced at $35 to $39 each. The company would raise $257.4 million at the top of that range. Poshmark has applied to list on Nasdaq, under the ticker “POSH.” There are eight banks underwriting the deal, led by Morgan Stanley, Goldman Sachs and Barclays. Proceeds of the deal will be used for working capital, general corporate purposes and to fund growth strategies. “We are a social marketplace that combines the human connection of a physical shopping experience with the scale, reach, ease, and selection benefits of eCommerce,” the company says in its prospectus.
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