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Shares of online consignment store closed nearly 43 percent above its IPO price on the company’s first day of trading on the Nasdaq.

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The Oakland-based company raised $168 million through its IPO after pricing its shares at $14 apiece, the high end of its set pricing range. Its shares opened at $18.25 on Friday, 30 percent above its IPO price.

As a private company, ThredUp raised at least $304 million in funding. It last raised a $175 million Series F co-led by and in August 2019. Among the largest stockholders in the company are , , , , Global Private Opportunities Partners, and Park West Asset Management. 

The company filed confidentially for an IPO in October 2020 and publicly filed its S-1 in early March 2021. It revealed it generated $186 million in revenue in 2020, up 14 percent from 2019. The company also reported net losses of $47.9 million in 2020, up from $38.2 million in 2019.

ThredUp is among a handful of clothing and accessory resale marketplaces to go public in recent years. , a marketplace for authenticated pre-owned luxury items, went public in 2019, and , another marketplace for users to buy and sell pre-owned clothing and accessories, went public in January 2021. 

The companies have latched onto the trend of younger consumers opting to buy second-hand clothing and accessories, which is considered more sustainable fashion. ThredUp partnered with and in 2019 to offer second-hand clothing in the retailers’ stores. Both The RealReal and Poshmark also saw their stock prices jump on their first day of trading as public companies.

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