Stitch Fix up just 1% on first day of trading, after reducing size of IPO

Stitch Fix up just 1% on first day of trading, after reducing size of IPO
By Katie Roof.

Stitch Fix went up just 1 percent on its first day of trading. After pricing at $15, the company closed at $15.15. It’s also below the opening trade of $16.90.

The company didn’t raise as much money as it had been hoping for. It raised $120 million, after pricing at $15, below the expected range of $18 to $20. The company also reduced the size of its IPO from 10 million shares to 8 million.

Stitch Fix markets itself as an affordable fashion stylist. Customers are able to order boxes of items designed to fit their measurements and style preferences.

Users can opt to purchase favorite items and send back the rest. The boxes can be ordered on a subscription basis or on the customer’s whims.

Read more at TechCrunch.

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