Warby Parker (WRBY) Direct Listing IPO Opens 35% Higher, Valuing Co. at $6 Billion

Today's direct listing IPO for designer eyeglass maker Warby Parker (NYSE: WRBY) opened for trading at $54.05 after setting a reference price of $40.

Based on the opening price, the valuation of the company is $6 billion.

T. Rowe Price, Durable Capital Partners, D1 Capital Partners, and Baillie Gifford participated in the Series F and G funding rounds. Bullish and Wellington Management backed the company in the past.

The company said it made sales of $270.5 million for the first six months of 2021, marking a growth of 53% compared to a year-ago period. The net loss decreased to $7.3 million from $10 million reported for the same period in 2020. Adjusted EBITDA came in at $20.1 million, much better than the $1.2 million reported for the first half of 2020. At the end of June, the company was operating 145 stores, including 27 new stores opened since June 2020. The number of active customers soared 20% to 2.1 million compared to the H1 2020.

For Q3 2021, WRBY is calling for net revenue between $131 million and $133 million, which would imply a 27% growth rate at the midpoint of the guidance compared to the same period in 2020. For the full 2021 year, Warby Parker is seeking to record a 36% growth rate (at the midpoint) and generate between $532 million to $537 million in sales. The company is expecting to open between 30 and 35 new stores to bring the total store count to between 155 and 160 by the end of the year.

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