<p><img src="https://static1.businessinsider.com/image/60008440a8de7700187d3e67-1024/gettyimages-1154857505.jpg" border="0" alt="poshmark" style="display: block; margin-left: auto; margin-right: auto;" data-mce-source="Rafael Henrique/SOPA Images/LightRocket via Getty Images"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p><a href="http://www.businessinsider.com/category/poshmark">Poshmark</a> surged as much as 150% on Thursday as the second-hand goods provider made its public-market debut.</p><p style="background: white; margin: 0in 0in 14.25pt 0in;">The company's shares quickly jumped above the offering price of $42. This comes after Poshmark had initially marketed its shares in a range between $35 to $39.</p><p style="background: white; margin: 0in 0in 14.25pt 0in;">The Redwood-city based company raised $277 million by selling 6.6 million shares in its initial public offering. Poshmark's listing was led by the likes of <a href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a>, <a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs Group Inc.</a>, and <a href="https://markets.businessinsider.com/stocks/bcs-stock">Barclays Plc</a>. </p><p style="background: white; margin: 0in 0in 14.25pt 0in;">Poshmark boasts one of the most successful online second-hand good marketplaces with 4.5 million active sellers as of Sept. 30, some of whom have <a href="https://www.businessinsider.com/poshmark-sellers-made-side-hustles-six-figure-businesses-2020-1">made six figures on the site.</a> The company offers over 200 million items to its 6.2 million active buyers, earning money by charging a 20% fee for sales of $15 or more.</p><p style="background: white; margin: 0in 0in 14.25pt 0in;"><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/roblox-direct-listing-morgan-stanley-goldman-sachs-underwriters-fees-advisor-2021-1'utm_source=markets&utm_medium=ingest" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link">Why Roblox's jilted underwriters could still see a payday after the gaming startup abruptly switched plans from an IPO to direct listing</a></em></p><p style="background: white; margin: 0in 0in 14.25pt 0in;">Thursday's post-IPO pop gives Poshmark a market cap of over $7 billion. The company trades under the ticker "POSH" on the Nasdaq Global Select Market.</p><p style="background: white; box-sizing: border-box; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px; margin: 0in 0in 14.25pt 0in;">Posh's debut follows a trend of recent success for US IPOs. Paypal co-founder Max Levchin's Affirm raised $1.2 billion in its first day of trading on Wednesday.</p><p style="background: white; margin: 0in 0in 14.25pt 0in;">Petco Health and Wellness Co. also exceeded its marketed IPO range raising $864 million in its IPO.</p><p style="background: white; margin: 0in 0in 14.25pt 0in;">This has led some to question whether the market for IPOs and SPACs <a href="https://markets.businessinsider.com/news/stocks/airbnb-doordash-ipo-rallies-market-euphoria-greed-strategists-abnb-dash-2020-12-1029883203'utm_source=markets&utm_medium=ingest" target="_blank" rel="noopener">is overextended and irrational</a>. Last year saw IPOs raise a record amount of capital, with Wall Street's "blank-check" SPAC craze providing an extra <a href="https://markets.businessinsider.com/news/stocks/spacs-raised-73-billion-more-than-traditional-ipos-blank-checks-2020-12-1029906693">$73 billion boost. </a></p><p style="background: white; margin: 0in 0in 14.25pt 0in;">Posh traded around 131% higher, $96.51 per share, as of 12:47 PM ET on Thursday.</p><p style="background: white; margin: 0in 0in 14.25pt 0in;"><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/cathie-wood-shares-2021-outlooks-on-tesla-economy-bitcoin-ark-2021-1" target="_blank" rel="noopener">Cathie Wood's ARK Invest runs 5 active ETFs that more than doubled in 2020. She and her analysts share their 2021 outlooks on the economy, bitcoin, and Tesla.</a></em></p><p><a href="https://markets.businessinsider.com/news/stocks/poshmark-stock-price-surges-post-ipo-first-day-of-trading-2021-1-1029970256#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/electric-planes-future-of-aviation-problems-regulations-2020-3">Why electric planes haven't taken off yet</a></p>
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