Warby Parker confirms plan to go public via direct listing
Eyewear maker Warby Parker Inc. said Tuesday it plans to go public through a direct listing, making the company the latest to shirk the traditional public-offering process.
The direct-to-consumer company in June confidentially filed a draft registration statement with the Securities and Exchange Commission for a public offering.
Direct listings differ from traditional initial public offerings in that companies take their shares to the stock market directly. Companies are able to save money that in a more traditional IPO would be paid to investment banks. This option to go public isn’t as common as traditional IPOs.
Cryptocurrency exchange Coinbase Global Inc.
data-mining company Palantir Technologies Inc.
and streaming platform Spotify Technology SA
went public through the direct-listing route.
Warby Parker generated revenue of $393.7 million last year and losses of $55.9 million. In 2019, it made $370.5 million in revenue and losses of $57.5 million.
New York-based Warby Parker was founded in 2010 and offers a range of affordable designer-quality prescription glasses and contacts, as well as services such as eye exams and vision tests both online and in its stores.
The company plans to list its shares on the New York Stock Exchange under Fintech Zoom symbol WRBY.
Write to Kimberly Chin at [email protected] Zoom.com