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OFFON

CONTEXTLOGIC INC.

(WISH)
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Goldman-backed secondhand clothing retailer ThredUp files for IPO

03/03/2021 | 05:57pm EDT

March 3 (Reuters) - Goldman Sachs-backed secondhand clothing retailer ThredUp Inc made its IPO filing public on Wednesday, disclosing a bigger full-year loss ahead of a market debut.

The company, founded in 2009, has processed over 100 million unique secondhand items from 35,000 brands, according to its filing. (https://bit.ly/2NRElgE)

Users download the company's app, or go to the website, and ship their used apparel, handbags, shoes and jewelry items. The employees receive the items, make sure they are in good condition, price them algorithmically, photograph them and ship them out to shoppers when sold.

E-commerce firms have benefited during the COVID-19 pandemic. A fleet of digital resellers, including ThredUp's peer Poshmark Inc and ContextLogic Inc, the parent company of shopping app Wish, have gone public in recent months.

ThredUp, whose investors include Goldman Sachs, Highland Capital Partners and Redpoint Ventures, said its net loss widened to $47.9 million for the year ended Dec. 31, 2020, from $38.2 million a year earlier.

Full-year revenue, however, jumped 14% to about $186 million.

The resale firm said it would use $500,000 from the proceeds to start an environmental policy function, to advocate the reuse of apparel.

ThredUp received $175 million in funding in August 2019, which it said would be used to expand its platform to offer resale clothing services to retailers. (https://reut.rs/3uUBUdy)

Goldman Sachs and Morgan Stanley are the lead underwriters for the offering. (Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CONTEXTLOGIC INC. -2.20% 12.44 Delayed Quote.-31.80%
MORGAN STANLEY -2.76% 78.59 Delayed Quote.14.68%
POSHMARK, INC. -4.71% 40.46 Delayed Quote.0.00%
THE GOLDMAN SACHS GROUP, INC. 1.11% 342.31 Delayed Quote.29.81%
All news about CONTEXTLOGIC INC.
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03/09CONTEXTLOGIC  : Stifel Adjusts ContextLogic's Price Target to $20 From $22, Main..
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03/08CONTEXTLOGIC  : Q4 Loss Widens Amid Revenue Jump -- Stock Rises 3% After-Hours
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03/08CONTEXTLOGIC INC.  : Results of Operations and Financial Condition (form 8-K)
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03/08CONTEXTLOGIC  : Earnings Flash (WISH) WISH Posts Q4 Revenue $794M, vs. Street Es..
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03/08WISH  : Reports Fourth Quarter and Fiscal Year 2020 Financial Results
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Financials (USD)
Sales 2021 3 318 M - -
Net income 2021 -324 M - -
Net cash 2021 2 239 M - -
P/E ratio 2021 -25,8x
Yield 2021 -
Capitalization 7 688 M 7 688 M -
EV / Sales 2021 1,64x
EV / Sales 2022 1,33x
Nbr of Employees 875
Free-Float 61,0%
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Technical analysis trends CONTEXTLOGIC INC.
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Mean consensus BUY
Number of Analysts 12
Average target price 26,36 $
Last Close Price 12,44 $
Spread / Highest target 222%
Spread / Average Target 112%
Spread / Lowest Target 60,8%
EPS Revisions
Managers and Directors
NameTitle
Piotr Szulczewski Chairman, President, CEO & Secretary
Rajat Bahri Chief Financial Officer
Pai LIu Vice President-Data Science
Thomas P. Chuang Vice President-Operations
Stephanie Schear-Tilenius Independent Director
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