(Bloomberg) -- ACV Auctions Inc. priced its initial public offering Tuesday above its marketed range at $25 a share, according to a person familiar with the matter who asked not to be identified because the information wasn’t public yet.
The Buffalo, New York-based company, which provides an online marketplace for auctioning used cars, was used by more than 16,000 dealerships and other participants last year, according to filings with the U.S. Securities and Exchange Commission.
ACV had marketed 16.55 million shares in the IPO for $20 to $22 each, a range that it earlier elevated from $18 to $20. At $25 a share, the IPO would raise almost $414 million and give the company a market value of about $3.9 billion based on the shares listed in its filings.
A representative for ACV declined to comment.
ACV’s revenue almost doubled last year while its loss shrank, according to its filings. It had a net loss of $41 million on revenue of $208 million, compared with a loss of $77 million on revenue of $107 million in 2019.
The company’s biggest backer, Bessemer Venture Partners, will control as much as 29% of the shareholder voting power after the listing.
The offering is being led by Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and Jefferies Financial Group Inc. The shares are expected to begin trading Wednesday on the Nasdaq Stock Market under the symbol ACVA.
©2021 Bloomberg L.P.