Goldman Sachs-backed clothing firm ThredUp files confidentially for IPO

Resale clothing firm ThredUp Inc said on Wednesday it has confidentially submitted paperwork with the U.S. Securities and Exchange Commission for an initial public offering of its Class A common stock.

The size and price range of the offering have not yet been determined, the company said.

The firm’s proposed IPO comes amid record high investor demand for new stocks.

Companies have raised roughly $114 billion in U.S. IPOs so far in 2020, comfortably outpacing a $62.5 billion haul for all of 2019, and is already the biggest year for new listings in recent memory, according to data from Dealogic, which has tracked IPO data since 1995.

ThredUp received $175 million in funding in August last year, which it said would be used to expand its platform to offer resale clothing services to retailers.

Till date, the company has raised roughly $340 million in funding from investors such as Goldman Sachs, Highland Capital Partners and Redpoint Ventures, according to startup data platform PitchBook.