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Oct. 27, 2021, 11:58 a.m. EDT

Rent the Runway receives warm Wall Street reception, as stock opens 9.5% above IPO price

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By Tomi Kilgore

Rent the Runway Inc. /zigman2/quotes/208217928/composite RENT -1.69% 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 /zigman2/quotes/207665280/composite IPO +9.17% slumped 1.3% in midday trading while the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.39% eased less than 0.1%.

/zigman2/quotes/208217928/composite
US : U.S.: Nasdaq
$ 4.07
-0.07 -1.69%
Volume: 1.13M
May 13, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$259.77 million
Rev. per Employee
$212,213
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 31.06
+2.61 +9.17%
Volume: 248,958
May 13, 2022 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,023.89
+93.81 +2.39%
Volume: 2.54B
May 13, 2022 4:57p
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