NEW YORK (AP) — Shares of Stitch Fix, an online clothing styling service, jumped 14 percent in their stock market debut after the company raised $120 million in an initial public offering.
The San Francisco-based company, which has nearly 2.2 million active users, ships shoppers clothing to try on at home before they buy. Customers pay $20 to receive five items and they can ship back whatever they don't like. They're charged for anything they keep, minus the $20 fee.
Stitch Fix Inc. sold 8 million shares at $15 each, below what it had expected. It had previously said it wanted to sell 10 million shares for between $18 and $20 each.
The stock, trading on the Nasdaq under the symbol "SFIX," rose to $2.10 to $17.10 shortly after it began trading Friday morning.
– By Joseph Pisani, AP Retail Writer
