SoftBank-backed ACV Auctions raises offer price range, eyes $364 mln IPO

ACV Auctions

22/03/2021 12:07

March 22 (Reuters) - SoftBank Group Corp-backed  9984.T 
auto marketplace ACV Auctions Inc said it was looking to raise
up to $364.1 million in its initial public offering in the
United States, after raising its offer price range on Monday.
    The company, also backed by investment firm Bessemer Venture
Partners, said https://bit.ly/3raqU8M it was looking to sell
16.55 million shares at a price range of $20 to $22 per share. 
    Earlier, it had aimed to sell the shares at $18 to $20
apiece. 
    At the top end of the new range, the company would be valued
at $3.39 billion.
    The Buffalo, New York-based company provides an online
platform for franchise and used-car dealerships to buy and sell
wholesale inventory through 20-minute auctions.
    The U.S. IPO market has seen more than 60 operating
companies getting listed so far this year, according to
Refinitiv data, with tech companies including Roblox Corp
 RBLX.N  and Coupang Inc  CPNG.N  generally soaring in their
market debuts. 
    In 2020, ACV Auctions recorded a 95% jump in revenue. Net
loss narrowed to around $41 million from $77.2 million a year
earlier.
    The company's shares will be listed on Nasdaq under the
symbol "ACVA". 
    Goldman Sachs, JP Morgan, Citigroup, BofA Securities and
Jefferies are the lead underwriters for the offering.

 (Reporting by Niket Nishant in Bengaluru; Editing by
Ramakrishnan M.)
 ((Niket.Nishant@thomsonreuters.com;))