Shares of ACV Auctions (NASDAQ:ACVA), a leading online wholesale auction marketplace for used vehicles, jumped 33% Wednesday after the company completed its Initial Public Offering (IPO).
ACV Auctions’ IPO should definitely be considered a success considering its recent increased offering price. When the company filed to IPO, it priced its shares in a range from $18 to $20 per share — a range it later elevated to between $20 and $22 per share. But when the rubber hit the road Wednesday, the company sold 16.55 million shares for $25 per share, raising $414 million and initially valuing the company at just under $4 billion. Already investors are seeing that market value rise, as the stock shot up 33% by late Wednesday afternoon.