Stitch Fix debuted on the stock market on Friday, and while things didn't go quite as well as expected, they still went pretty smoothly. 。
The clothing and personal styling subscription service raised $120 million in its initial public offering—making the transition from venture-funded startup to publicly traded on Wall Street—with an opening price of $16.90 a share. In its filing with the Securities and Exchange Commission in October, Stitch Fix expected a price between $18 and $20. Then Thursday night, the company downgraded expectations to $15 a share before opening a little higher Friday. The company sold 8 million shares, another downsizing from its previous 10 million target. 。
Stitch Fix is now valued at $1.4 billion. After its SEC filing, the company was hailed as an example of responsible management and growth of a startup. Its IPO follows the 2017 tech IPOs of Snap Inc. and Blue Apron, both of which have been pretty disappointing. 。
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The IPO made Stitch Fix CEO Katrina Lake the only woman to lead a tech IPO this year. About 8 percent of all IPOs this year were led by women, and the other ones were mostly in the pharmaceutical industry. 。
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"I'm thrilled to embark on this next chapter and I'm immensely grateful to everyone who believed in us over the years," Lake wrote on Twitter after the IPO. 。
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