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Second hand fashion platform ThredUp sets terms for $156 million IPO

March 17, 2021

ThredUp, an online marketplace for second hand clothing, announced terms for its IPO on Wednesday.

The Oakland, CA-based company plans to raise $156 million by offering 12 million shares at a price range of $12 to $14. At the midpoint of the proposed range, ThredUp would command a fully diluted market value of $1.4 billion.

ThredUp offers an online resale platform for women’s and kids’ apparel, shoes, and accessories. As of December 31, 2020, the company had 1.24 million active buyers and 428,000 active sellers. ThredUp’s platform consists of distributed processing infrastructure, proprietary software and systems, and data science expertise. Since its 2009 inception, the company has processed over 100 million unique secondhand items from 35,000 brands across 100 categories, saving buyers an estimated $3.3 billion off estimated retail price.

ThredUp was founded in 2009 and booked $186 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol TDUP. Goldman Sachs, Morgan Stanley, Barclays and William Blair are the joint bookrunners on the deal.