Poshmark IPO above the target to raise $ 277 million

Photographer: Rafael Henrique / SOPA Images / LightRocket / Getty Images

Poshmark Inc., the online second-hand goods market, raised $ 277 million in an initial public offering in the U.S., setting the share price above a marketed range.

The company sold 6.6 million shares for $ 42 each Wednesday, according to statement confirming a previous Bloomberg News report. Poshmark had traded the shares for between $ 35 and $ 39.

Poshmark, headquartered in Redwood City, California, is valued at approximately $ 3.5 billion on a fully diluted basis, including restricted stock options and units.

Poshmark’s IPO follows that of Affirm Holdings Inc., the online consumer lender that nearly doubled in its business debut on Wednesday after raising $ 1.2 billion in its IPO.

PET Acquisition LLC, owner of retail chain Petco, surpassed its marketed range to raise $ 864 million on Wednesday on its IPO. The company, which changes its name to Petco Health and Wellness Co., is backed by investors, including the private equity firm CVC Capital Partners.

The Poshmark list is led by Morgan Stanley, Goldman Sachs Group Inc. i Barclays Plc. The shares are expected to start trading on the Nasdaq Global Select Market on Thursday with the POSH symbol.

(Updates with declaration in the second paragraph)