The pandemic has not been kind to Rent the Runway, sending revenue falling 9% over the first half of the year as people had little need for attire for social occasions and the office. Now the question is: What will investors think?

The company goes public on Wednesday, after pricing its initial public offering on Tuesday night at $21 a share, which translates to an enterprise value of $1.4 billion, nine times its revenue last year of $158 million.

With last year’s revenue drop—and the company’s losses of $84 million for the first half of the year—that may be a tough sell.