Rent the Runway Inc. (NAS:RENT) received a warm reception on its Wall Street debut, as the fashion rental company's stock opened 9.5% above the initial public offering price. The Brooklyn-based company said overnight that it raised $357.0 million as its upsized IPO of 17.0 million shares priced at $21 a share, at the top of the expected range. The stock's first trade on the Nasdaq was at $23.00 at 11:52 a.m. Eastern for 1.7 million shares. At that price, the company was valued at about $1.4 billion. The upbeat opening for Rent the Runway's stock comes on a day of relative investor disdain for IPOs, as the Renaissance IPO ETF (PSE:IPO) slumped 1.3% in midday trading while the S&P 500 (S&P:SPX) eased less than 0.1%.
Oct. 27, 2021, 11:58 a.m. EDT