Poshmark, Petco soar in IPO debuts ahead of Oatly
The IPO 2021 pipeline is ripe with hot consumer brands
2021 is shaping up to be a hot year for initial public offerings following strong debuts from Airbnb and DoorDash with Poshmark and Petco seeing banner first days of trading.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| POSH | NO DATA AVAILABLE | - | - | - |
POSHMARK
Redwood City, Calif.-based Poshmark, which allows users to buy and sell fashion, priced its offering at $42 per share raising around $277 million, according to an amended S-1 filing.
Poshmark, whose IPO was led by Goldman Sachs and Barclays, trades under the ticker symbol "POSH" on the Nasdaq Global Select Market.
Shares of Poshmark opened at $97.50, valuing the company at around $7 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WOOF | PETCO HEALTH AND WELLNESS | 4.19 | -0.02 | -0.48% |
PETCO
Petco, which trades under the ticker "WOOF" on the Nasdaq Global Select Market, raised $816 million, according to an SEC filing. Petco priced its 48 million shares at $18 per share, above the expected range.
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Shares opened at $26 per share, a gain of 50%, valuing the company at roughly $7 billion.
Petco announced late last year that it was going public, the third time it has done so. It has previously been acquired by private-equity firms CVC Capital Partners and Canadian Pension Plan Investment Board for $4.6 billion in 2016.
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Petco also went private in October 2006, when it was acquired by private equity firms TPG Global and Leonard Green & Partners.
AFFIRM
The IPO follows fintech company Affirm Holdings, which has gained popularity during the coronavirus pandemic, went public this week making former PayPal co-founder Max Levchin and investor Peter Thiel even wealthier.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AFRM | AFFIRM HOLDINGS INC. | 53.21 | -1.61 | -2.94% |
Trading on the Nasdaq Global Select Market under the ticker "AFRM" shares have gained more than 100%. They were up another 41% on Thursday, last trading at $137.51, after pricing at $49 per share.
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OATLY
As for consumer deals on the docket, earlier this month, FOX Business exclusively reported that Sweden-based Oatly, which uses oats to make vegan products like oat milk, yogurt, and cheese, is slated to go public sometime this year.
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The company, backed by the likes of Oprah Winfrey, Natalie Portman, and rapper Jay-Z’s entertainment company Roc Nation, could raise $1 billion and has reportedly hired Morgan Stanley, JP Morgan Chase and Credit Suisse to advise on the IPO, according to CNBC. Blackstone Group last July led a $200 million round of funding for Oatly.
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FOX Business' Jeanette Settembre contributed to this story.
*This story, originally published on 1/8/21, was updated.