Online used car seller Vroom raises $467.5M in IPO

The IPO gives Vroom a value of $2.48 billion

Online used car seller Vroom Inc will begin trading as a public company on Tuesday.

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The company priced its initial public offering of 21.25 million shares at $22.00 per share, raising $467.5 million.

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That tops the original range of $18 to $20 per share.

The offering was increased from the initial 18.8 million shares.

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The IPO gives Vroom a value of $2.48 billion.

Underwriters have the option to purchase more than 3 million additional shares.

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Shares will trade on the Nasdaq under the ticker VRM.

Goldman Sachs, BofA Securities, Allen & Company and Wells Fargo Securities are serving as joint lead book-running managers.

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Vroom's e-commerce platform brings all phases of vehicle buying and selling to consumers wherever they are and offers a  selection of vehicles, transparent pricing, competitive financing, and contact-free, at-home pick-up and delivery.