Vroom, which had filed for an IPO last month, reported a more than twofold rise in sales at its e-commerce business in the first quarter of 2020 as the virus outbreak and stay-at-home orders stoked a surge in online shopping.
The company, which use digital tools to close deals and home delivers vehicles to customers, said revenue for the first quarter ended March 31 jumped 60% from a year earlier, and net loss attributable to Vroom's common stockholders narrowed to nearly $41.1 million from $45.1 million.
Rival Carvana Co, which saw its stock plunge nearly 80% in a month, has recovered dramatically to be up 26% on-year as online car selling gains favor in the post-pandemic world.
Tech-driven insurance startup Lemonade Inc, which counts Japan's SoftBank Group Corp and Alphabet Inc's venture capital arm GV among its investors, also filed for a U.S. listing on Monday.
Vroom shares will list on the Nasdaq under the symbol "VRM" on Tuesday.
Goldman Sachs, BofA Securities, Allen & Co and Wells Fargo Securities were the joint lead bookrunners of the offering.