Following a confidential filing this September, the popular clothing resale platform has now publicly released its S-1 filing for an initial public offering (IPO). Poshmark is seeking to go public nine years after its founding and in a year that it posted profits in two consecutive quarters.

Poshmark posted $192.8 million in revenue in the first nine months of 2020, up 28% over the previous year. For that same period, it posted a net income of $20.9 million, compared to a loss of $34 million in the past year.

In the entirety of 2019, Poshmark posted $205.2 million in revenue, compared to $148.3 million in the past year, and a net loss of $48.7 million, compared to $14.5 million in 2018.

Poshmark is a popular online marketplace for used clothing, shoes and accessories. It connects sellers, who often sell items from their own closet, to willing buyers and makes money by taking a cut of their transaction.

Poshmark says $4 billion worth of items has been traded on its platform since its start. The company reports having a cumulative 70 million total users since its start.

Poshmark’s profitability makes it stand out in a cohort of tech IPOs that are expected to hold soon, and with that, the company will likely better entice investors to make bets on it.

Poshmark has raised some $153 million in venture funding over the years. In a secondary transaction last year, the company’s valuation was said to have been placed at $1.25 billion. Presumably, Poshmark is targeting a valuation significantly higher than that on the public markets.

Photo: Poshmark CEO Manish Chandra by Christopher.Michel, licensed under CC BY 2.0

More on IPOs;

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• Roblox Said To Delay IPO Till Next Year
• Bill Gates-Backed AbCellera Goes Public

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