Eyewear company Warby Parker files NYSE case

Eyewear company Warby Parker on Tuesday filed documents with U.S. regulators for a direct listing on the New York Stock Exchange, revealing a 53% increase in revenue for the first half of 2021.

The company, whose existing investors include Tiger Global Management and General Catalyst, did not disclose how many Class A common shares its shareholders were seeking to sell. He will not receive any proceeds from the sale of these shares.

Eyewear company Warby Parker on Tuesday filed documents with US regulators for a direct listing on the New York Stock Exchange, revealing a 53% increase in revenue for the first half of 2021 (iStock)

NASDAQ BREAKS OVER 15,000 FOR FIRST TIME, S&P 500 SETS NEW RECORD

The New York-based company, known for its trendy glasses starting at $ 95, was valued at $ 3 billion after a funding round of $ 245 million in 2020, the Wall Street Journal reported.

The Warby co-founders, who were classmates at the Wharton School at the University of Pennsylvania, came up with the idea for the company in 2008 after co-CEO Dave Gilboa discovered the cost of replacing the glasses lost on a backpacking trip in Southeast Asia to be too high.

Founded later in 2010, the company now has over two million active consumers as the increasing use of smartphones, tablets and other devices increases the need for vision correction.

CLICK HERE TO GET THE FOX NEWS APP

A direct listing like Warby’s allows companies to list their shares on the stock exchange avoiding a costly and lengthy initial public offering.

The United States Securities and Exchange Commission approved a proposal by Nasdaq Inc (NDAQ.O) to allow companies to raise capital through direct listings in May. The companies have so far not raised any capital through these listing procedures.