Retailer Rue Gilt Groupe Files for IPO Showing Revenue Gains
(Bloomberg) -- Fashion retailer Rue Gilt Groupe Inc. filed for an initial public offering, disclosing growing revenue amid a continuing surge of consumer listings.
The off-price e-commerce company in its filing Friday listed the size of the offering as $100 million, a placeholder that will change when terms of the share sale are set.
Rue Gilt Groupe, founded in 2008, is focused on “connecting world-class premium and luxury brands to the next-generation shopper,” according to the filing with the U.S. Securities and Exchange Commission.
Through its RueLaLa and Gilt e-commerce sites, the company’s sales grew as its losses shrank during the coronavirus pandemic. The company said it had a net loss of $12 million on net revenue of $516 million for the nine months ended Oct. 2, compared with a $20 million loss on $386 million a year earlier.
Billionaire Michael Rubin and Simon Property Group Inc. with its affiliates each own 46.7% of the Boston-based company’s shares, according to the filing.
The listing comes in a record year in which $313 billion has been raised in IPOs on U.S. exchanges, according data compiled by Bloomberg. Consumer companies of all kinds have accounted for $73 billion of that total with listings by fashion-oriented startups such as Rent the Runway Inc. and Allbirds Inc., as well as by larger companies including Petco Health & Wellness Co. and Krispy Kreme Inc.
Rue Gilt Groupe’s offering is being led by Citigroup Inc. and Bank of America Corp. The company plans for its shares to trade on the Nasdaq under the symbol RGG.
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