Rent the Runway dons debt for IPO – International Financing Review
- Date: 30-Oct-2021
- Source: IFR
- Sector:Financial Markets
- Country:Middle East
Rent the Runway dons debt for IPO – International Financing Review
Just like fashion itself, demand for clothing e-commerce IPOs can be fickle.
Online women's fashion rental firm Rent the Runway achieved a premium valuation on its US$357m US IPO last week, only to stumble when shares began trading, raising scrutiny over execution of the deal.
RTR, the self-dubbed pioneer of a "closet in the cloud", has pinned funding to expensive venture capital-style debt to limit dilution to owners, with the all-primary IPO geared to a small group of institutions ready to wear the company's leverage.
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