Vroom IPO Surges

June 9, 2020

Vroom, the online automotive retailer, priced its initial public offering of 21,250,000 shares of its common stock at a price of $22.00 per share. That number was above its price range of $18 to $20 per share.

The firm's stock surged up more than 115% Tuesday afternoon.

Vroom’s market debut comes alongside a handful of other companies that went public this month, after Covid-19 essentially brought IPOs to a virtual halt.

Other firms had excellent results this month including ZoomInfo which soared more than 60% in its Thursday debut.

Warner Music also went public again Wednesday and saw its stock jump roughly 20% that day.

Vroom has granted the underwriters a 30-day option to purchase up to an additional 3,187,500 shares of its common stock at the initial public offering price to cover over-allotments.

Goldman Sachs & Co. LLC, BofA Securities, Allen & Company LLC and Wells Fargo Securities are serving as joint lead book-running managers and as representatives of the underwriters for the proposed offering. Stifel, William Blair, Baird, JMP Securities and Wedbush Securities are serving as co-managers for the offering.

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