(Reuters) – Online used car seller Vroom Inc raised $467.5 million in its U.S. initial public offering, the company said on Monday, as the IPO market picks up momentum after the COVID-19 pandemic placed many debuts on hold.
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.
Recent recovery in the U.S. stock markets has led to a flurry of IPO-hopefuls entering the race. Royalty Pharma, which buys biopharmaceutical royalties, unveiled plans on Monday to raise up to $1.96 billion in an IPO.
Vroom, which had filed for an IPO last month, reported a more than twofold 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…
Source Reuters Tech News
Source link
