The RealReal goes public
A leading luxury consignment retailer is joining the Nasdaq stock exchange today.
The RealReal Inc. is pricing its initial public offering (IPO) of 15 million shares of its common stock at $20 per share, which is expected to raise $300 million. Shares are trading under the symbol “REAL.” The company reported $207 million in revenue in 2018.
The RealReal, launched in 2011, operates an online marketplace, three brick-and-mortar stores, and 11 consignment offices around the country, including one in each of its stores. Last month, The RealReal opened a two-level, 3,000-sq.-ft. store on Manhattan’s Upper East Side, on Madison Avenue. It’s The Real Real’s third permanent location to date and follows openings in Manhattan’s SoHo and West Hollywood, Calif.
The underwriters have been granted a 30-day option to purchase up to 2.25 million additional shares at the IPO price, less underwriting discounts, and commissions. The offering is expected to close on July 2, 2019, subject to customary closing conditions.
Credit Suisse Securities (USA) LLC, BofA Securities Inc., and UBS Securities LLC are acting as lead book-running managers for the offering and as representatives of the underwriters. KeyBanc Capital Markets Inc., Stifel, Nicolaus & Company Inc., Cowen and Company LLC, and Raymond James & Associates Inc. are acting as book-running managers for the offering.
The RealReal Inc. is pricing its initial public offering (IPO) of 15 million shares of its common stock at $20 per share, which is expected to raise $300 million. Shares are trading under the symbol “REAL.” The company reported $207 million in revenue in 2018.
The RealReal, launched in 2011, operates an online marketplace, three brick-and-mortar stores, and 11 consignment offices around the country, including one in each of its stores. Last month, The RealReal opened a two-level, 3,000-sq.-ft. store on Manhattan’s Upper East Side, on Madison Avenue. It’s The Real Real’s third permanent location to date and follows openings in Manhattan’s SoHo and West Hollywood, Calif.
The underwriters have been granted a 30-day option to purchase up to 2.25 million additional shares at the IPO price, less underwriting discounts, and commissions. The offering is expected to close on July 2, 2019, subject to customary closing conditions.
Credit Suisse Securities (USA) LLC, BofA Securities Inc., and UBS Securities LLC are acting as lead book-running managers for the offering and as representatives of the underwriters. KeyBanc Capital Markets Inc., Stifel, Nicolaus & Company Inc., Cowen and Company LLC, and Raymond James & Associates Inc. are acting as book-running managers for the offering.