Rent the Runway targeting 1.3-billion-dollar valuation

Rent the Runway is targeting a 1.3-billion-dollar valuation for its U.S. IPO. The news was reported by Reuters.

Rent the Runway is planning on selling 15 million shares priced between 18 dollars and 21 dollars in its IPI, raising 315 million dollars, according to their filing with the SEC. Earlier this month, the company revealed they saw a 39 percent drop in revenue for fiscal year 2020, but like all retailers, the company took a hit due to the pandemic.

While revenue was down for the first half of fiscal year 2021, the company said active subscribers doubled to 111,732 for the first nine months of 2021. Rent the Runway’s stock will be listed on Nasdaq under the ticker “RENT.”