ACV Auctions Raises $414M In Upsized IPO At $25 Per Share

Wholesale vehicle company ACV Auctions Inc ACVA priced the upsized initial public offering (IPO) of 16.55 million shares at $25 per share.
The company had previously offered 16.5 million shares at a price between $20 to $22. The approximate gross proceeds amounted to $413.75 million.
The selling stockholders have granted the underwriters a 30-day option to purchase additional shares up to 2.48 million.
The shares are expected to begin trading on the Nasdaq under the symbol "ACVA" today.
Goldman Sachs, J.P. Morgan, and Citigroup are the lead book-running managers and representatives of the underwriters for the offering. BofA Securities and Jefferies are the book-running managers for the offering.