Fashion firm Rent the Runway has announced its initial IPO offering, aiming to sell its shares at between $18 and $21 apiece.
The company plans to raise $315 million, achieving a non-diluted value of $1.3 billion and a fully diluted valuation of $1.5 billion respectively.
Founded in 2009, the fashion retailer lets customers rent and shop second-hand and vintage clothes and accessories from more than 750 designer brands.
Home goods are also available to rent and shop.
Rent the Runway confidentially filed for an IPO back in July 2021, despite seeing a near 39 per cent drop in revenue for the fiscal year 2020.
However, the company revealed its active subscribers more than doubled to 111,732 in the first nine months of 2021.
The news comes amid a rising interest in pre-owned clothing, with consumers growing more conscious about their carbon footprint.
As a result, Goldman Sachs & Co, Barclays and Morgan Stanley are the lead underwriters for the offering and the company will list its stock on the Nasdaq under the symbol “rent”.