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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...

New York City-based e-commerce company Vroom which buys and sells used cars has filed to raise $70 million in new equity funding. The company has already secured $30 million of that $70 million targets. The company with this is signaling confidence from investors that it’ll become profitable and beat out key competitors in the space, such as Carvana and Shift. The company has an aim of making the process of buying a used car as easy as ordering a pizza. With more than 3,000 cars for sale on the site, the startup delivers directly to its customers’ doorsteps. However, when asked, Vroom declined to comment on its upcoming round. “While Vroom’s business is healthy and financially stable, we’re always looking to align our resources to fulfill our long-term vision and deliver on our mi...

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New York based Vroom raises $467.5 million in US IPO

New York based Vroom is Raising $70 million After a Big Round of Layoffs