The company whose current investors include Tiger Global Management and General Catalyst did not disclose the number of Class A common shares its stockholders were looking to sell. It will not receive any proceeds from the sale of such shares.
The New York-based firm, known for its popular eyewear starting at $95, was valued at $3 billion after a $245 million financing round in 2020, the Wall Street Journal reported https: www.wsj.com - articles warby parker - founders-explain - why they - are-adding - 35 stores-after pandemic - 11622296801 - $13 billion - products.
The co-founders of Warby, who were classmates at Wharton School of the University of Pennsylvania, got the idea for the company in 2008 after Co-Chief Executive Officer Dave Gilboa found the cost of replacing eyeglasses lost on a Southeast Asia backpacking trip too high.
Founded later in 2010, the company now has an active consumer base that exceeds two million as smartphone usage increases the need for vision correction.
A direct listing like Warby's allows companies to market their stocks in initial public exchange by bypassing a costly and time-consuming public offering of stock.
The U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission approved a Nasdaq Inc offer to allow companies to raise capital through direct listings in May. So far, companies have never raised any capital through these filing procedures.