Stitch Fix debuted on I Want To Be The First Guythe 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.
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.
Now, it's back to fighting Amazon.
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