(Reuters) – SoftBank Group Corp-backed 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 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 and Coupang Inc 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.)
