Benzinga | Mar 24, 2021 06:33AM EDT

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

* Wholesale vehicle company ACV Auctions Inc (NASDAQ: 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.