June 1, 2020 / 8:22 PM / 2 months ago

Vroom aims to raise up to $318.8 million in IPO

(Reuters) - Online used car seller Vroom Inc aims to raise up to $318.8 million in its initial public offering, which is expected to be priced in the range of $15 to $17 per share.

The company is offering about 18.8 million shares in the IPO and is expecting a valuation of $1.92 billion at the top end of the range, the company’s filing showed on Monday.

The capital markets have begun to recover after the COVID-19 crisis brought IPOs to a virtual halt over the past two months.

Warner Music Group last week said it was aiming to sell up to $1.82 billion in stock in its U.S. IPO, potentially the largest New York listing so far in 2020.

Vroom, which filed to go public last month, has reported a more than two-fold rise in sales at its e-commerce business in the first quarter of 2020.

Reporting by Manas Mishra in Bengaluru; Editing by Anil D'Silva

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