Poshmark reportedly files to go public
Poshmark, the resale platform for secondhand clothing that has been seeing impressive revenue, has reportedly filed to go public. The news was reported by Bloomberg.
The number of shares and IPO price have yet to be determined. Poshmark had been holding off an IPO to focus on boosting sales and other ways to improve sales performance.
Poshmark has seen an impressive past few several years. The company is considered to be on the forefront of "social commerce", where shoppers can exchange comments on products and almost treat their shopping experience like being on a social media platform. Poshmark's status was further boosted when tennis champion Serena Williams joined the company's board of directors.
While the first half of 2020 saw the IPO market severely impacted by the coronavirus pandemic, but now IPO activity is expected to surge again to make up for lost time. For 2020, IPOs have averaged a 36-day pop.