Rent the Runway, Shiba Inu and British Pubs: Investments in the Spotlight
Bloomberg Wealth reviews assets that made a splash this week.
A Rent the Runway store in New York City on Oct. 22.
Photographer: Michael M. Santiago/Getty Images
It was a day of ups and downs for Rent the Runway Inc. on its trading debut. Shares, which sold for $21 in its initial public offering, rose as much as 18% on Wednesday before closing down 8.1%. The stock ended Thursday at $18.85, giving the company a market capitalization of $1.2 billion. Despite the dip, that’s far above its valuation of $870 million after a funding round completed in April, according to data provider PitchBook.
The New York-based operator, which allows customers to rent designer clothes, struggled to grow during the pandemic when lockdowns limited opportunities for dressing up. The company hopes a return to more normal life will boost sales, noting that the Covid-19 Delta variant and the work-from-home trend have not had a significant impact on its business.