Rent the Runway Inc. is seeking as much as $315 million in its U.S. public offering.
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The fashion company plans to sell 15 million shares for $18 to $21 apiece, according to a filing with the U.S. Securities and Exchange Commission on Monday. At the top end of this range, it would have a market value of $1.3 billion based on the outstanding shares listed in the prospectus.
The New York-based company has struggled to grow through the coronavirus pandemic as lockdowns gave people little reason to dress up. The spread of the Covid - 19 Delta variant and work-from-home trend has had minimal impact on its business and financial performance, the company said.
Rent the Runway reported a net loss of $85 million on $80 million in revenue for the six months ended June 30. That compared with a $88 million loss on $88.5 million in revenue during the same period a year ago.
While the company s losses persisted, its subscribe number increased. Founded by Jennifer Hyman and Jenny Fleiss in 2009, Rent the Runway cautioned in its filing that it may be unable to achieve or sustain profitability.
The Financial Analyst wrote that as of January 31, 2021, we had an accumulated deficit of $674.1 million. We will have to generate and sustain additional revenue and manage our costs to achieve profitability. Even if we do, we may not be able to sustain or increase our profitability. Morgan Stanley and Barclays Plc are leading the offering. The shares are expected to trade on the Nasdaq Global Select Market under the symbol RENT.
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