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Online clothing reseller Poshmark closes up more than 140% on first day of trading

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Online clothing reseller Poshmark closes up more than 140% on first day of trading

 Photo: Poshmark IPO. POSH starts trading on Nasdaq. Getty Images. Article by Annie Palmer. CNBC – January 14, 2021.

KEY POINTS
  • Poshmark opened its first day of trading on the Nasdaq on Thursday.
  • On Wednesday, Poshmark priced its IPO at $42 a share, giving it an initial valuation of more than $3 billion.
  • The stock began trading at $97.50.

Shares of online clothing reseller Poshmark ended the day up more than 141% in the company’s market debut Thursday. […]

Poshmark, founded in 2011, is an internet marketplace for second-hand clothing, shoes and accessories. Like eBay and Etsy, Poshmark connects buyers with sellers, who often list items from their own closet. Poshmark makes money by taking a cut of every transaction. […]

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