New York based Vroom raises $467.5 million in US IPO
Online used car seller Vroom Inc raises $467.5 million in its initial public offering.
Applied for IPO last month, Vroom priced its IPO at $22 in the US stock exchange, above the initially marketed range of $18 to $20, valuing the company at $2.48 billion.
T Rowe Price Associates and L Catterton backed Vroom sold 21.25 million shares compared with the earlier plan of 18.8 million shares.
The shares will trend as a VRM under Nasdaq listing on Tuesday.
Recent recovery in the U.S. stock markets has led to a flurry of IPO-hopefuls entering the race.
Vroom 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 cl...