Online used car seller Vroom has raised $467.5 million in its U.S. initial public offering.
Vroom priced its IPO at $22, above the initially marketed range of $18 to $20, valuing the company, which is backed by funds such as T Rowe Price Associates and L Catterton, at $2.48 billion. The company sold 21.25 million shares compared with the earlier plan of 18.8 million shares.
Vroom, which had filed for an IPO last month, reported a more than two-fold rise in sales at its e-commerce business in the first quarter of 2020 as the virus outbreak and stay-at-home orders stoked a surge in online shopping.
The company, which use digital tools to close deals and home delivers vehicles to customers, said revenue for the first quarter ended March 31 jumped 60 percent from a year earlier, and net loss attributable to Vroom’s common stockholders narrowed to nearly $41.1 million from $45.1 million.
Tech-driven insurance startup Lemonade, which counts Japan’s SoftBank Group and Alphabet’s venture capital arm GV among its investors, also filed for a U.S. listing on Monday.
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