MoonPay CEO, Other Executives Cashed Out Before Crypto Business DroppedRead more

Poshmark CEO Navin Chandra. Photo courtesy of Poshmark

Poshmark CEO Chandra After 142% IPO Pop: This Isn’t a Rerun of Dot-Com Boom

Photo: Poshmark CEO Navin Chandra. Photo courtesy of Poshmark

It’s a rare thing for a consumer tech company to show profits when it goes public. For Poshmark, the hurdle will be proving profitability isn’t just a Covid-19 era occurrence.

On Thursday, initial investors seemed to be willing to give the apparel reselling app the benefit of the doubt. After the company priced its initial public offering at $42, above its earlier range, it jumped 142% to close at $101.50. For CEO Manish Chandra, who cofounded Poshmark a decade ago, such demand doesn’t signal irrational exuberance as much as appetite for companies that proved they can make it.

“I’m 53 years old so I’ve seen the dot-com market and I don’t think the current market is that,” he said on a video call. “There’s real revenues and real sorts of businesses going public.”

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