ACV Auctions set to go public on Wednesday – Buffalo News


ACV Auctions set to go public on Wednesday – Buffalo News

ACV Auctions set to go public on Wednesday

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ACV Auctions set to go public on Wednesday

ACV Auctions

ACV Auctions is set to go public on Wednesday.

Derek Gee

ACV Auctions, the Buffalo-based startup star, is scheduled to go public on Wednesday.

ACV shares will trade under the ticker symbol ACVA. The tech firm will price 16.55 million shares for sale between $18 and $20. At the midpoint price of $19, ACV estimates net proceeds of $290 million.

This will be the first locally based company to go public since drug developer Athenex, in 2017. It’s also a big moment in the evolution of ACV, which won the 43North business plan competition in 2015 and has continued to grow and attract investment. 

The initial public offering will also reward investors. The newly formed 43North Foundation plans to sell 500,000 of its 3 million shares, which, at $19 per share would be worth $9.5 million. 43North gained a stake in ACV when the company won the $1 million grand prize money in the business plan competition in 2015.

ACV’s initial public offering also provides a dose of prestige to the Buffalo Niagara business community, which has been striving to cultivate its long undersized startup community.

ACV’s app allows car dealers to buy and sell used vehicles online, providing an alternative to in-person auctions. The company recorded net losses of $77.2 million in 2019 and $41 million in 2020. The company’s 2020 revenues of $208 million increased 95% from the year before, despite some disruptions caused by the Covid-19 pandemic.

ACV is recognized as the region’s first “unicorn,” after surpassing $1 billion in valuation in 2019. 

Matt Glynn