ThredUp Files for IPO on Promise of Secondhand Clothing Sales
(Bloomberg) -- ThredUp Inc., an online marketplace for secondhand clothing, has filed for a U.S. initial public offering, disclosing growing revenue and losses.
The Oakland, California-based company in a filing Wednesday listed the size of the offering as $100 million, a placeholder that will likely change.
The listing could raise $200 million to $300 million, Bloomberg News reported last year.
“More millennial and generation Z consumers are driving the shift to secondhand each year,” the company said in its filing with the U.S. Securities and Exchange Commission. Younger customers are more conscious with sustainability and therefore more likely to shop for secondhand goods, it said.
ThredUp said it had a net loss of $48 million on $186 million in revenue in 2020, compared with a $38 million loss on $164 million the previous year.
The company’s backers include Trinity Ventures, Redpoint Ventures, Highland Capital Partners and Park West Ventures, according to ThredUp’s filing.
The offering is being led by Goldman Sachs Group Inc. and Morgan Stanley. ThredUp plans to list its shares on Nasdaq Global Select Market under the symbol TDUP.
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