Rent the Runway Announces Pricing of Upsized Initial Public Offering at Top End of the Range

Rhea-AI Summary

Rent the Runway has announced its upsized initial public offering (IPO) of 17,000,000 shares of Class A common stock at $21.00 per share. This marks an increase of 2,000,000 shares from the initial offering size. The shares are expected to trade on Nasdaq under the symbol RENT starting October 27, 2021, with the offering closing on October 29, 2021, subject to customary conditions. Major underwriters include Goldman Sachs, Morgan Stanley, and Barclays.

Positive

• Upsized IPO of 17,000,000 shares at $21.00 each.
• Increased offering size by 2,000,000 shares from original announcement.
• Expected trading on Nasdaq under the symbol 'RENT'.

Negative

• None.

NEW YORK, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Rent the Runway, Inc. (“Rent the Runway”) announced today the pricing of its upsized initial public offering of 17,000,000 shares of its Class A common stock at a price to the public of $21.00 per share. In addition, Rent the Runway has granted the underwriters a 30-day option to purchase up to an additional 2,550,000 of its Class A common stock. This represents an increase of 2,000,000 shares from the previously announced offering size of 15,000,000 shares. The shares are expected to begin trading on The Nasdaq Global Select Market on October 27, 2021 under the ticker symbol “RENT.” The offering is expected to close on October 29, 2021, subject to the satisfaction of customary closing conditions. 

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Barclays Capital Inc. are acting as lead book-running managers for the proposed offering. Credit Suisse Securities (USA) LLC, Piper Sandler & Co., Wells Fargo Securities, LLC,  JMP Securities LLC and KeyBanc Capital Markets Inc. are acting as joint book-running managers, and Telsey Advisory Group LLC is acting as co-manager for the proposed offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 26, 2021. The offering is being made only by means of a prospectus. A copy of the final prospectus may be obtained, when available, from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at Prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (888) 603-5847, or by email at barclaysprospectus@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Rent the Runway 
Founded in 2009, Rent the Runway is disrupting the trillion-dollar fashion industry and changing the way women get dressed through the Closet in the Cloud, the world’s first and largest shared designer closet. RTR’s mission has remained the same since its founding: powering women to feel their best every day. Through RTR, customers can subscribe, rent items a-la-carte and shop resale from over 750 designer brands. The Closet in the Cloud offers a wide assortment of millions of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, ski wear, home goods and kidswear. RTR has built a two-sided discovery engine, which connects deeply engaged customers and differentiated brand partners on a powerful platform built around its brand, data, logistics and technology. Under CEO and Co-Founder Jennifer Hyman’s leadership, RTR has been named to CNBC’s “Disruptor 50” five times in ten years, and has been placed on Fast Company’s Most Innovative Companies list four times, while Hyman herself has been named to the “TIME 100: Most Influential People in the World'" and as one of People Magazine’s “Women Changing the World.”

Contacts
Alison Rappaport
press@renttherunway.com

FAQ

What is the price of Rent the Runway's IPO shares?

The price for Rent the Runway's IPO shares is set at $21.00 each.

When will Rent the Runway's shares begin trading?

Shares of Rent the Runway are expected to begin trading on October 27, 2021.

How many shares are being offered in Rent the Runway's IPO?

Rent the Runway is offering 17,000,000 shares in its IPO.

What is the ticker symbol for Rent the Runway on Nasdaq?

The ticker symbol for Rent the Runway on Nasdaq is 'RENT'.

When is the expected closing date for Rent the Runway's IPO?

The expected closing date for Rent the Runway's IPO is October 29, 2021.