Luxury consignment retailer TheRealReal debuted on the public markets today, with shares soaring 45% above their $20 a share price after listing on the Nasdaq. The company issued 15 million new shares in an offering that values the company at $1.8 billion.
As this report in the Wall Street Journal notes, it’s a second act for the company’s chief executive, Julie Wainwright, who previously guided Pets.com to a disastrous public offering in 2000, weeks before the dot com bust.
While TheRealReal’s revenue has nearly doubled since last year, the eight-year-old company—like other startups to go public recently—has yet to turn a profit. Maha Ibrahim, a partner at Canaan Ventures who led its investment in TheRealReal and now sits on the company’s board, told The Information in a past interview that Ms. Wainwright had trouble raising venture funding in Silicon Valley, in part because of her previous role at Pets.com.
Ms. Ibrahim was able to overcome any doubts she may have had about investing in a company led by Ms. Wainright. Time will tell if her confidence was justified.