Warby Parker store. Pat Greenhouse/The Boston Globe via Getty Images
Warby Parker saw a 36% jump in its direct listing debut Wednesday.
The trading debut of the eyewear retailer valued it at $6 billion more than its previous private financing round valuation of $3B.
Warby's direct listing price was $54.70, which is higher than its reference price of $40 per shares.
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Warby Parker's direct listing debut Wednesday saw a 36% increase in sales, giving the eyewear retailer a value of over $6 billion.
On Wednesday, the firm's direct listing price was $54.70 per share. This is well above its reference price which was $40 per share. Warby Parker will have approximately 111.5 million shares outstanding and 77.7 millions available for trading. The direct listing will not generate any profits for Warby Parker.
Stock trades on New York Stock Exchange under ticker "WRBY."
Warby Parker was established in 2010 to be one of the first direct, consumer-facing brands to offer affordable prescription glasses online and in-store. To help make it easy to find the right eyecare products, Warby Parker offers eyecheck-up services at all of its physical locations.
According to Warby Parker's S-1 filing, Warby Parker reported net losses of $55.9 Million on $393.7 Million in revenue in 2020. Year-over-year revenue growth was 6% for the company. Warby Parker lost $7.3 million on $270.5 millions in revenue for the six months ending June 30. Warby Parker broke even in 2019.
Warby Parker made 95% of its 2020 sales from glasses sales, 2% from contacts sales, and 1% from eye exams. The remaining 2% came from the sale eyewear accessories. In 2020, the average revenue per customer was $218. Warby Parker expects to have 160 physical stores open by the end its fiscal year.
Since its inception, Warby Parker has raised over $500 million from venture capitalists. The company raised $245m at a valuation of $3 billion from D1 Capital and Baillie Gifford in August 2020.
This company is one of a number of companies that chose to go public via a direct listing rather than an IPO. Roblox, Coinbase and Spotify are just a few of the other companies that went public through a direct listing.
Direct listing is transparent and inclusive for many fans who, in a traditional IPO, wouldn't have the option to get an allocation. It creates an equal playing field for everyone," Warby Parker CEO and co-founder Dave Gilboa said to Axios.
