ThredUp, an online consignment and thrift store offering secondhand clothes, filed confidentially for an IPO in October 2020 and has now publicly released its S-1 filing with the US Securities and Exchange Commission (SEC) for that as expected.

ThredUp will list on the Nasdaq Global Select Market under the symbol “TDUP.”

By the stats:

• ThredUp’s S-1 filing shows $186 million in revenue for 2020, compared to $164 million in the previous year, 2019, and $130 million in 2018, the year before that. The company isn’t profitable and hasn’t been for the past three years, reporting respective net losses of $48 million, $38 million, and $34 million in 2020, 2019, and 2018.

• ThredUp has a high Gross Profit rate, being nearly 70% in both 2020 and 2019. Most of the company’s expenses making it record net losses are attributed to ‘Operations, product and technology’. 

• ThredUp doesn’t spend so much on sales and marketing, with its 2020 and 2019 spend for the segment coming at $29 million and $22 million respectively in 2020 and 2019. Such indicates high organic customer acquisition and retention.

• As of the end of 2020, ThredUp says it had 1.24 million active buyers and 428 thousand active sellers on its platform.

• Investment bank Goldman Sachs has a stake in ThredUp and unsurprisingly is a lead underwriter for the company’s initial public offering.

• Major ThredUp shareholders listed in the company’s S-1 include Redpoint Ventures, Upfront Ventures, Highland Capital Partners, and its Co-Founder and CEO James Reinhart.

With an S-1 filing made, a final debut on the public markets by ThredUp should be expected soon.

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