Deals
ACV Auctions Rises 25% in Debut After $414 Million IPO
- Wholesale marketplace for used cars almost doubled revenue
- CEO Chamoun seeks to expand market footprint by 30% this year
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Used car online auction company ACV Auctions Inc. climbed 25% in its trading debut after its investors raised $414 million in an initial public offering priced above a marketed range.
ACV shares, which sold for $25 in the IPO, closed Wednesday at $31.25 each, giving the Buffalo, New York-based company a market value of $4.8 billion. ACV shareholders on Tuesday sold 16.55 million shares after marketing them for $20 to $22 each, a range it had earlier elevated from $18 to $20.