Photo courtesy of Revolve.
Fashion e-tailer Revolve Group (NYSE: RVLV) shares opened for trade Friday morning at $25.16. The IPO was priced at $18 per share.
Short seller Citron Research tweeted, “Citron has never commented on an IPO but LONG $RVLV. Profitable at IPO AND growing E-commerce with best unit economics and massive growth ahead. Citron expects to see the stock trade to $50. $mywifeisalwaysright”
What To Know
California-based Revolve Group, founded in 2003, is a next-gen fashion retailer for millennial and Gen-Z customers, boasting of a vast offering of over 45,000 apparel, footwear, accessories and beauty styles. The company's platform connects millions of consumers, thousands of global fashion influencers and more than 500 brands.
Morgan Stanley, Credit Suisse and Bank of America Merrill Lynch are the lead underwriters for the IPO.
The lockup period on Revovle is 180 days. This is a contractual restriction preventing insiders who acquired shares of a company's stock before it went public from selling the stock for a stated period of time after it goes public.
At time of publication, Revolve traded around $28.64 per share.
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