Online used car seller Vroom raises $467.5M in IPO
The IPO gives Vroom a value of $2.48 billion
Online used car seller Vroom Inc will begin trading as a public company on Tuesday.
The company priced its initial public offering of 21.25 million shares at $22.00 per share, raising $467.5 million.
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That tops the original range of $18 to $20 per share.
The offering was increased from the initial 18.8 million shares.
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The IPO gives Vroom a value of $2.48 billion.
Underwriters have the option to purchase more than 3 million additional shares.
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Shares will trade on the Nasdaq under the ticker VRM.
Goldman Sachs, BofA Securities, Allen & Company and Wells Fargo Securities are serving as joint lead book-running managers.
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Vroom's e-commerce platform brings all phases of vehicle buying and selling to consumers wherever they are and offers a selection of vehicles, transparent pricing, competitive financing, and contact-free, at-home pick-up and delivery.