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Poshmark's shares soar in debut to public markets
4 days ago | By Chron
NEW YORK - Shares of Poshmark Inc. more than doubled in their stock market debut Thursday, a testament to investor enthusiasm for the online marketplace for second-hand goods.
The stock soared 141%, valuing the company at $7.4 billion.
Late Wednesday, the initial public offering of 6.6 million shares was priced at $42 a share, raising about $277.2 million before underwriting fees. The stock, trading on Nasdaq under the ticker symbol “POSH,” ended Thursday at $101.50.
Poshmark was founded in 2011 by Manish Chandra and now joins a growing number of e-commerce sites like Doordash and Airbnb...
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Petco goes public again as spending on dogs and cats soars
5 days ago | By Chron
NEW YORK - Petco, the pet store chain, went public again Thursday, hoping to cash in on people's obsessions with their furry pets.
Petco's stock, which opened at $18 Thursday, soared 60% to $29.26 in afternoon trading, valuing the company at more than $6 billion. It raised $864 million, after selling 48 million shares in its initial public offering. The company plans to use that money to pay off debt.
It's the third time Petco has gone public since it was founded in 1965 as a mail-order veterinary supplies business. Both times Petco was bought and taken private, most recently in 2006.
Much...
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