Rent the RunwayShares began trading on Wednesday at $23 per share, up more than 9 percent from its initial public offer price of $21.

The fashion rental site was valued at $1.7 billion after this diluted valuation. In its debut on the stock market, it was up 17%.

Rent the Runway’s IPO was priced at the highest end of the expected range on Tuesday. After marketing 15,000,000 shares at $18 to $21, 17 million shares were sold for $21, and the company also made $21 profit.

The listing for Rent the Runway is below the public debut of eyeglasses maker Warby ParkerSneaker retailers are trailed by and Allbirds’ anticipated IPOThe. Venture-backed trendy retailers have been testing Wall Street investors’ appetites.

Rent the Runway was founded in 2008 and is currently attempting to make a comeback following a drop in demand in 2020 for its subscription clothing service. Rent the Runway saw its value drop to $750million last year as the pandemic affected the company’s ability attract customers.

Rent the Runway’s active subscriber in 2020 count fellFrom more than 133,000 in 2013, the number of employees has fallen to 55,000. Its revenue dropped 39%, to $157.5 million. Its net loss increased to $171.1million from $153.9 million in 2019, while revenue fell 39%.

Jennifer Hyman CEO, says that ultimately, it made the company more resilient to the effects of the health crisis.

Hyman, speaking in an interview for CNBC said that the pandemic “if anything” made it more difficult to buy experiences and share models. “Squawk Box.”“We have seen it in our customers.”

Rent the Runway is a company that describes itself as “a closet in the cloud” and had to come up with creative ways to survive when there were few customers looking for clothing outside the home. It shuttered its stores and overhauled its subscription plansSunsetting is an infinite option. This also entered the resale marketIt allows customers to shop even without joining a membership.

Hyman spoke about the resale options, saying that it was “an incredible customer funnel into subscription.” It’s how we view our rental special event business. This is how we view our rental company for special events. This is a great way to show a potential customer how valuable our selection is, and how simple it is to Rent the Runway.

The company recognizes now that women are not the only thing driving its growth.

Hyman explained that “Women didn’t have to go to Rent the Runway to get back in the office.” And so, women return to the office even if they’re only there for a couple of days or to go to a party once in a while, it is just another positive sign that will continue to benefit the company.

Hyman said that ninety percent (90%) of customers still work at home. However, subscriber numbers are increasing.

Wall Street also has another way to measure investor appetites for clothing rentals with the IPO. Rent the Runway joins the ranks of other publicly-listed companies Poshmark The RealReal ThredUpAll three of them sell secondhand clothing, and accessory items.

Hyman stated that Rent the Runway intends to make use of the initial capital to expand its business, which includes international growth as well as launching in new markets.

The IPO was led by Goldman Sachs, Morgan Stanley and Barclays.

The Runway Rental is an option CNBC Disruptor 50Company

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