The latest high-profile tech IPO is happening today. Shares of the fashion startup Rent the Runway make their market debut 12 years after the founding of the company. Here’s what you need to know:
- What is Rent the Runway? It’s a fashion startup that allows customers to rent clothes for all occasions—like a wedding, office party, or even sporting events like a ski trip. The company also offers subscription services, so you can think of it as a Netflix for clothes in a way. Rent the Runway was founded in 2009 and is based in New York City.
- Which exchange will Rent the Runway debut on? Rent the Runway will debut on the Nasdaq Global Select Market.
- What will Rent the Runway’s stock ticker be? Rent the Runway will trade under the ticker “RENT.”
- How many shares of RENT are available? There will be 17 million shares of Class A common stock up for grabs, according to a press release.
- How much will RENT shares cost? RENT shares will IPO for $21 per share. That means if all shares go for that price, Rent the Runway will raise $357 million in today’s IPO.
- Anything else I should know? Rent the Runway has the largest dry cleaning facility in the world, reports Fast Company’s Elizabeth Segran. It also had a rough 2020 given that not many people were attending social events.