Revolve Group (RVLV) soared nearly 82% to $32.81 on the e-commerce retailer’s first day of trading Friday.
The first trade on Friday for Revolve was at $25.16, 40% above its $18 initial public offering price.
The company, which bills itself as “the next-generation fashion retailer for millennial consumers,” raised $52.2 million through the sale of 2.9 million shares. The IPO was priced at the top of the expected range of $16 to $18 a share.
In 2018, the company reported $498.7 million in net sales and $36 million in net income. Revolve Group had 9.4 million unique visitors per month in 2018, according to the company’s website.
The company was co-founded in 2003 by Michael Karanikolas and Michael Mente.
Citron Research said in a tweet that it “has never commented on an IPO but LONG RSLV Profitable at IPO AND growing E-commerce with best unit economics and massive growth ahead. Citron expects to see the stock trade to $50.”