Rent the Runway, which rents designer apparel and accessories to women via monthly subscriptions, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $293 million by offering 15.0 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Rent the Runway would command a fully diluted market cap of $1.4 billion.
Rent the Runway was founded in 2009 and booked $149 million in sales for the 12 months ended July 31, 2021. It plans to list on the Nasdaq under the symbol RENT. Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, Piper Sandler, Wells Fargo Securities, JMP Securities, and KeyBanc Capital Markets are the joint bookrunners on the deal. The company is expected to price its IPO during the week of October 25, 2021.
