Poshmark to Sell Itself for Less Than Half Its IPO Price to Korea’s Naver

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

South Korean internet giant Naver is paying $17.90 a share in cash for Poshmark, the companies said. Poshmark priced its initial public offering at $42 a share in January 2021 and the shares more than doubled on their first day. The stock has slumped since and closed Monday at $15.57.