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The RealReal files for IPO

By
Reuters
Published
today Jun 3, 2019
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U.S. online luxury reseller The RealReal Inc on Friday filed for an initial public offering with the U.S. securities regulator.


Instagram @therealreal


The company intends to list on the Nasdaq under the symbol “REAL”, a filing with the U.S. Securities and Exchange Commission showed.

Earlier in January, Reuters reported the company’s plans to go public later this year, citing sources familiar with matter.

The company set a placeholder amount of $100 million to indicate the size of the IPO. The size in preliminary filings is used to calculate registration fees and the final amount could be different.

The RealReal, which specializes in online secondhand luxury apparel and goods, was valued at $745 million in a funding round in July last year, according to data provider PitchBook.

Founded in 2011, The RealReal’s success is built on a profitable mix of the boom in e-commerce, and a younger clientele’s interest in bargains and recycled clothing.

Second-hand fashion - from Chanel handbags and Gucci dresses to Rolex watches - is a fast-growing business that is outstripping sales growth in the primary luxury goods sector.

In the past year, the company has been focusing on expanding its brick-and-mortar presence with outlets in new areas and more online fulfillment centers.
The RealReal intends to use the money raised from the IPO for general corporate purposes, including working capital and operating expenses.

Investors in the San Francisco-based company include Perella Weinberg Partners and Great Hill Partners.

The company posted a net loss of $75.8 million in 2018, compared with a loss of $52.3 million in 2017, on revenue of $207.4 million, up over 55%, the filing showed.

Credit Suisse, BofA Merrill Lynch, UBS Investment Bank, KeyBanc Capital Markets, Stifel, Cowen and Raymond James are the underwriters to the IPO.

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