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Rent the Runway stock is now publicly available to purchase. Here's how you can buy in.
On Wednesday October 27, 2021, Rent the Runway began publicly trading on the Nasdaq Global Select Market under the ticker symbol "RENT."
The opening stock price was $23.00, which was higher than the previously announced price of $21.00.
To learn more about the company's IPO, view its registration filing with the US Security and Exchange Commission (SEC). We'll update this page as more information becomes available.
Founded in 2009, Rent the Runway is a US-based women’s rental clothing company that allows customers to rent designer clothing and accessories online through subscriptions or on a one-time basis. Rent the Runway identifies itself as a logistics business.
The company is headquartered in New York City. While Rent the Runway offers very little public information about its financials, it was reportedly valued at $1 billion in March 2020. However, its valuation went down as it struggled to maintain operations during the COVID-19 pandemic. Eventually, it closed all its brick-and-mortar stores.
In August, 2021 the company reported to CNBC that it doesn't plan to reopen its stores and will instead focus on digital services and expanding drop-off sites. CEO and founder Jennifer Hyman has voiced optimism over operations into 2021.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Before you can invest in Rent the Runway, you'll need to open a brokerage account.
You won't be able to buy Rent the Runway stocks on a Canadian stock exchange like the TSX or CSE. Instead, you'll need a Canadian broker that provides access to stocks sold on international exchanges. However, some Canadian brokerages don't offer access to international investments at all or only provide access to a limited range of investment opportunities.
You can access US exchanges like the NYSE and the NASDAQ using Canadian trading platforms like Questrade, Wealthsimple, Scotia iTRADE and Interactive Brokers. Interactive Brokers also provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).
The process of buying stocks listed on international exchanges is basically the same as buying stocks in a Canadian company. You buy and sell using your online trading account or through an investment broker who handles international stocks.
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
Note: The dollar amounts in the table below are in Canadian dollars.
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