Comprehensive M&A data with integrated detailed company information
ThredUp confidentially files for US IPO
Posted on Thursday, 22 October 2020 13:28
Online retailer for second-hand clothing ThredUp said it has confidentially filed for an initial public offering (IPO) with the US Securities and Exchange Commission.
The process is expected to begin following a regulatory review and the group is aiming to be public as early as next year.
Earlier this year, Bloomberg cited people familiar with the matter as saying a stock market flotation could raise between USD 200.00 million to USD 300.00 million.
According to these sources, Goldman Sachs Group has been hired to advise ThredUp on the listing.
In 2019, the group raised USD 175.00 million from new and existing investors at a valuation of USD 670.00 million.
Founded in 2009, ThredUp sells second hand clothes and works with partners such as Walmart, Abercrombie & Fitch, JC Penney and Madewell.
A report by the company suggested the second hand market could be worth USD 36.00 billion by 2024.
ThredUp is yet to decide how many shares will be offered in the listing.
Bloomberg said that despite concerns about consumers reducing purchases of used clothes during the coronavirus pandemic, the group has said it added new customers.
ThredUp has over 100.00 million garments processed so far, 888.00 million pounds of CO2e displaced and USD 2.80 billion off estimated retail value.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been two other IPOs of clothing store companies announced worldwide in 2020 to date.
South Korean apparel retailer the Nature Holdings on KOSDAQ in a deal worth KRW 55.20 billion (USD 48.68 million), in the largest of these.
Followed by RBX Rio Comercio de Roupas raising an undisclosed amount on the Sao Paulo Stock Exchange.
© Zephus Ltd