Poshmark has filed for IPO

(Bloomberg) — Poshmark Inc., an online resale marketplace for second-hand clothing, filed for an initial public offering, disclosing revenue gains and a profit during the coronavirus pandemic.

The Redwood City, California-based company in its filing Thursday with the U.S. Securities and Exchange Commission listed the size of the offering as $100 million, a placeholder that will likely change.

More than 70 million Poshmark users have sold more than 130 million items with a combined value exceeding $4 billion, the company said in its filing.

For the nine months ended Sept. 30, Poshmark said it had net income of $21 million on revenue of $193 million, compared with a net loss of $34 million on revenue of $150 million during the same period in 2019.

Manish Chandra

Founded by Chief Executive Officer Manish Chandra, Poshmark provides a marketplace to buy and sell high-end clothes harvested from closets. The company, whose website allows shoppers to exchange comments on products, has been at the forefront of the online shopping trend known as “social commerce.”

Poshmark’s investors include Mayfield, Menlo Ventures and Inventus Capital, according to its filing.