Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Eyewear maker Warby Parker to go public via direct listing on NYSE

Stock MarketsAug 24, 2021 05:57PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. A sign is seen on the door of a Warby Parker store in Brooklyn, New York, U.S., June 24, 2021. REUTERS/Brendan McDermid

(Reuters) - Eyewear company Warby Parker on Tuesday filed paperwork with U.S. regulators for a direct listing on the New York Stock Exchange, revealing a 53% surge in revenue for the first half of 2021.

The company, whose existing investors include Tiger Global Management and General Catalyst, did not disclose the number of Class A common shares its stockholders were looking to sell. It will not receive any proceeds from the sale of such shares.

The New York-based firm, known for its fashionable eyewear starting at $95, was valued at $3 billion after a $245 million funding round in 2020, the Wall Street Journal had reported https://www.wsj.com/articles/warby-parker-founders-explain-why-they-are-adding-35-stores-after-pandemic-11622296801.

The co-founders of Warby, who were classmates at the Wharton School of the University of Pennsylvania, got the idea for the company in 2008 after co-Chief Executive Officer Dave Gilboa found the cost of replacing eyeglasses lost on a Southeast Asia backpacking trip to be too high.

Founded later in 2010, the company now has an active consumer base that exceeds two million as rising usage of smartphones, tablets and other devices increases the need for vision correction.

A direct listing like Warby's allows companies to list their stock on public exchanges by sidestepping a costly and time-consuming initial public offering.

The U.S. Securities and Exchange Commission approved a Nasdaq Inc proposal to allow companies to raise capital through direct listings in May. Companies have not raised any capital through such listing procedures so far.

Eyewear maker Warby Parker to go public via direct listing on NYSE
 

Related Articles

Why did the SEC release a report on GameStop?
Why did the SEC release a report on GameStop? By Reuters - Oct 18, 2021

(Corrects paragraph 6 to clarify that Schwab did not restrict buying or selling of GameStop's shares, but that it adjusted margin requirements and restricted certain advanced...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email