Second-hand clothing marketplace ThredUP announced on Thursday that it plans to raise $156 million by offering 12 million shares at a price range of $12 to $14 per share.
The startup based in Oakland, California said in a press statement that it will be listed on Nasdaq under the ticker symbol “TDUP.” The Silicon Valley startup will also extend to its underwriters a 30-day option to purchase up to an additional 1.8 million shares of Class A common stock.
ThredUp offers an online resale platform for women’s and kids’ apparel, shoes, and accessories. As of December 31, 2020, the company had 1.24 million active buyers and 428,000 active sellers.
ThredUp’s platform consists of distributed processing infrastructure, proprietary software and systems, and data science expertise.
Since its 2009 inception, the company has processed over 100 million unique secondhand items from 35,000 brands across 100 categories, saving buyers an estimated $3.3 billion off the estimated retail price.
The online clothes reseller startup was founded in 2009 and booked $186 million in sales in 2020.
Goldman Sachs & Co. LLC, Morgan Stanley, and Barclays will serve as lead book-running managers for the IPO. William Blair and Wells Fargo Securities are acting as book-running managers. KeyBanc Capital Markets, Needham & Company, Piper Sandler, and Telsey Advisory Group are acting as co-managers.