Poshmark will sell itself for less than half the IPO price of Korea’s Naver

Poshmark has agreed to sell itself in a deal that values ​​the social shopping market at less than half the price at which it went public in early 2021.

South Korean internet giant Hubs will pay $17.90 per share in cash for Poshmark, the companies said. Poshmark priced the initial public offering at $42 per share in January 2021, and the shares more than doubled on their first day. The stock has fallen since, closing Monday at $15.57.