The company filed with an initial offering size of $100 million in Class A stock, which is a placeholder typically used to calculate fees and may change, according to a filing with the U.S. Securities and Exchange Commission Thursday. While Stitch Fix currently intends to use the net proceeds for general corporate purposes, including potential acquisitions, it said it cannot be certain how it will eventually use all the money.
Founded in 2011 by Chief Executive Officer Katrina Lake, the company had about 2.2 million active clients as of July 29, according to the filing. Stitch Fix collects information on customers’ style, size and price preferences, then sends them five pieces of clothing for a $20 styling fee. Users can then keep and pay for the items they like or send them back.
Stitch Fix posted a net loss of $594,000 on net revenue of $977 million in the year ending July 29. A year earlier, the company posted net income of $33 million on net revenue of $730 million.
The company has applied to list on the Nasdaq Global Select Market under the symbol SFIX. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the deal.