LOTZ - Softbank-backed ACV Auctions raises IPO range to $20-$22 valuing firm at up to $3.4B

SoftBank-backed online automobile wholesaler ACV Auctions (ACVA) boosted the price range Monday on its upcoming IPO to as much as $22 a share, valuing the company at up to $3.4B.ACVA wrote in an S-1 filing with the U.S. Securities and Exchange Commission that it expects the initial public offering to price at $20 to $22 a share, up from a previous projection of $18 to $20.The higher price would value the company at just under $3.4B if the offering prices at $22 a share.Online auto platforms have had hot IPOs over the past several months, but have mostly faltered afterward.For instance, the special purpose acquisition company that bought Shift Technologies (SFT) popped to as high as $14.91 last June when the deal became public, but SFT had fallen to $8.75 as of shortly before 11 a.m. ET Monday.Similarly, the SPAC that purchased Carlotz (LOTZ) actually dropped to $10.17 a share

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Softbank-backed ACV Auctions raises IPO range to $20-$22, valuing firm at up to $3.4B