PishPosh, an online baby product retailer, raised $9 million by offering 1.8 million shares at $5, as expected.
Separate from the underwritten offering, selling shareholders registered 1.3 million shares, which may be offered and sold from time to time after the company's shares have begun trading on the Nasdaq.
PishPosh is an online retailer of baby products, focusing on mid- to higher-income demographics. The company showcases and sells its products through its website, third party marketplaces, and its on-site boutique. PishPosh generates approximately 85% of its current sales from strollers, stroller accessories, and car seats, but intends to diversify its revenue base by expanding into new categories like baby health and safety and nursery. Its growth strategy also includes manufacturing its own branded products.
PishPosh plans to list on the Nasdaq under the symbol BABY. Boustead Securities and Sutter Securities acted as joint bookrunners on the deal.
