US-based fashion rental platform Rent the Runway has confidentially filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC).
While confirming the same through a statement released to media, Rent the Runway did not determine the number of shares or price for the IPO.
The American clothing online platform has not set any date for the IPO; however, it said that IPO would happen once SEC completes its review.
There’s been a rush of retail IPOs this year! After secondhand apparel retailer ThredUp filed for IPO in March, one saw Pep&Co, Authentic Brands, Seraphine and plus size apparel retailer Torrid also planning or filing IPO this year.
Also Read: Authentic Brands Group files IPO as it eyes expansion
Also Read: Maternity wear brand Seraphine gears up for £61 million IPO
The IPOs provide the companies with liquidity, the opportunity to pay any debt, besides giving early investors an exit.
Besides, an IPO also sometimes reveals the losses online players accrue while trying to build their customer base.
Rent the Runway’s confidential filing, however, means investors and the fashion industry will have to wait for some more time before taking a look at company’s books. But it will happen soon!
Initially started as an e-commerce clothing rental firm, Rent the Runway later opened bricks-and-mortar store locations in New York City, Chicago and elsewhere.
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