Vroom Is an 'Unknown,' Jim Cramer Says
Vroom is racing towards its first trade as a public company.
The initial public offering of Vroom Inc. was expanded to 21.25 million shares and the price was boosted to $22 a share, raising $468 million for the online seller of used vehicles.
Vroom earlier had marketed 18.75 million shares for $18 to $20 a share.
The company, whose backers include L Catterton, General Catalyst Partners and T. Rowe Price Associates, moved up the pricing of the initial public offering to Monday after earlier planning to sell the shares on Wednesday, according to a report from Bloomberg.
The company is valued in the offering at more than $2.5 billion.
The company reported a loss of Vroom $41 million on revenue of $376 million for the three months ended March 31, compared with a year-earlier loss of $27 million on revenue of $235 million.
The company hasn't been profitable since operations began in 2012.
So, what does Jim Cramer think about this company?
Well, he's actually waiting until TheStreet's Katherine Ross interviews Vroom CEO Paul Hennessey on Wednesday.