Today, Luxury online consignment shop The RealReal raised $300 million in an initial public offering.
The RealReal is an online and brick-and-mortar marketplace for authenticated luxury consignment. Based on the circular economy, The RealReal sells consigned clothing, fine jewelry, watches, fine art and home decor.
The company, which filed to go public on May 31, priced its shares at $20 apiece on Thursday night and above the expected range of $17 to $19. As of 1:30 pm Eastern, shares were up 39% at $27,73.
Levi’s made a triumphant return to the market in March while Revolve, a favourite among Instagram influencers, debuted earlier this month. Whereas, the RealReal’s gross merchandise value was only $70.7 million in 2018. Investors understand the market opportunity which The RealReal’s CFO Matt Gustke put at $200 billion in a phone interview on Friday.