Online used car seller Vroom raises $467.5 million in upsized US IPO

Online used car seller Vroom Inc raised $467.5 million in its U.S. initial public offering, the company said on Monday, as the IPO market picks up momentum after the COVID-19 pandemic placed many debuts on hold.

Vroom priced its IPO at $22, above the initially marketed range of $18 to $20, valuing the company, which is backed by funds such as T Rowe Price Associates and L Catterton, at $2.48 billion. The company sold 21.25 million shares compared with the earlier plan of 18.8 million shares.

Recent recovery in the U.S. stock markets has led to a flurry of IPO-hopefuls