SFT - Online car wholesaler ACV Auctions expects $18 to $20 IPO share price valuing firm above $3B

SoftBank-backed online automobile wholesaler ACV Auctions (ACVA) said Monday that it expects to price its initial public offering at $18 to $20 a share, which would value the company at about $3.1B.ACV wrote in a revised S-1 filing with the U.S. Securities at Exchange Commission that it intends to offer 16.55M shares at $18 to $20, and also grant underwriters the option to purchase another 2.48M shares for overallotments.That will raise up to $380.65M for the firm if underwriters exercise all overallotment options.After the IPO, ACVA expects to have about 154.15M shares outstanding. At $20 a share, that would value the company at just under $3.1B.ACVA serves as an online wholesale marketplace for used-car dealers.Its pre-IPO packers include SoftBank, Armory Square Ventures, Bessemer Venture Partners and Tribeca Venture Partners.Online auto companies have been hot in the IPO market over the past year or so, albeit with mixed results once they start

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Online car wholesaler ACV Auctions expects $18 to $20 IPO share price, valuing firm above $3B