Online Thrift Shop ThredUp Files Confidentially for U.S. IPO
(Bloomberg) -- ThredUp Inc., an online retailer for second-hand clothing, filed confidentially for a U.S. initial public offering.
The company, based in Oakland, California, submitted a draft registration statement to the U.S. Securities and Exchange Commission, and the IPO will commence after regulator’s review process, the firm said in a statement on Wednesday. The number of shares to be offered and the price range of the offering has not been determined, ThredUp said.
ThredUp is targeting a listing early next year and could raise $200 million to $300 million, Bloomberg News reported in August. Goldman Sachs Group Inc., which is an investor in the company, is advising it on its proposed listing. Last year, the company raised $175 million from new and existing investors, including Park West Asset Management and Irving Investors, at a valuation of $670 million, according to PitchBook.
ThredUp is part of a growing number of e-commerce sites selling used goods and competing against consignment shops and Salvation Army Thrift Stores. The digital resale market is poised to grow 27% this year to about $9 billion in sales and could quadruple that total by 2024, ThredUp said in a report earlier this year.
Despite concerns about consumers reducing purchases of used clothes during the coronavirus pandemic, ThredUp said it has added new customers.
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