Rent the Runway (NASDAQ:RENT) stock is set to start trading today thanks to an initial public offering (IPO) for the fashion company.
Let’s jump into all the details that potential investors need to know about the Rent the Runway IPO.
- Starting off today’s news, Rent the Runway plans to trade on the Nasdaq Global Select Market under the RENT stock ticker.
- The company is listing 17 million shares of its stock, as well as 2.55 million to underwriters with a 30-day option.
- That’s an upsized offering from the company’s initial 15 million shares and 2 million for underwriters.
- Rent the Runway also points out that the IPO will see its shares start trading at $21 each.
- This means the IPO could see the company raising between $357 million and $410.55 million.
- Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), and Barclays (NYSE:BCS) Capital are acting as the lead book-running managers for the offering.
- There are also several other firms serving as joint book-running managers for the Rent the Runway IPO.
- Rent the Runway is a fashion company founded in 2009 and based out of New York City.
- The company opens women up to more shopping options online via its Closet in the Cloud.
- This is a designer closet service that lets users “subscribe, rent items a-la-carte and shop resale from over 750 designer brands.”
- Rent the Runway boasts that it offers millions of items for customers to choose from with something for every occasion.
- Leading the company is co-founder, chairman and CEO Jennifer Hyman.
- Before co-founding Rent the Runway, she was a Director of Business at IMG, a global talent management company.
Investors keeping an eye out for more hot stock market news today are in luck!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.