Fashion Platform Rent The Runway Prices Upsized US$357 Million IPO

Fashion e-commerce platform Rent the Runway, Inc. (Nasdaq: RENT) started trading on the Nasdaq Global Select Market today while also announcing pricing for their IPO. The firm aims to raise US$357 million in its debut on the big board.

The offering consisted of 17 million Class A common shares at US$21.00 per share, an upsize from the previous offering size of 15 million shares. The company’s shares will be trading on the Nasdaq exchange under the ticker symbol “RENT”.

Goldman Sachs & Co., Morgan Stanley & Co., and Barclays Capital Inc. are acting as the lead bookrunners for the said offering. The underwriters were given a 30-day over-allotment option to purchase up to an additional 2.55 million shares at the same IPO price.

The offering is expected to close on October 29, 2021, subject to customary closing conditions.

The fashion firm’s main service is the platform that allows users to rent or buy designer apparel and accessories.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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