Thredup will seek initial public offering

Thredup Inc., an online marketplace for secondhand clothing, has filed for a U.S. initial public offering, disclosing growing revenue and losses.

The California-based company in a filing Wednesday listed the size of the offering as $100 million, a placeholder that will likely change. The listing could raise $200 million to $300 million.

“More millennial and generation Z consumers are driving the shift to secondhand each year,” the company said in its filing with the U.S. Securities and Exchange Commission. Younger customers are more conscious about sustainability, it said.

Thredup said it had a net loss of $48 million on $186 million in revenue in 2020.