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Photo: Michael M. Santiago/Getty Images

Rent the Runway, a New York-based clothing rental service, raised $357 million in an upsized IPO. The company priced 17 million shares at $21, versus plans to sell 15 million shares at $18–$21, for a fully diluted value of around $1.5 billion.

Why it matters: Because it's the latest evidence that nothing matters. This is a consumer company that reported over $150 million in losses in each of the past two years, despite being founded in 2009 and raising nearly $700 million in venture capital.

  • Plus, it excluded rental apparel depreciation from its adjusted EBITDA calculations (which were still negative).

The big picture: Rent the Runway hit unicorn status in mid-2019, before raising a pair of down rounds, and is backed by such firms as Bain Capital Ventures Ares Management, Highland Capital Partners and TCV.

The bottom line: "The rent-what-you-wear business model appeals to customers with tighter budgets who are eager to access high fashion they wouldn’t otherwise be able to afford. Wealthier shoppers also like it because it offers them more wardrobe variety and the chance to check out new brands. The services are particularly popular in big cities such as New York where closet space is often at a premium." — Crystal Tse and Jeannette Neumann, Bloomberg

Go deeper: The global used-clothes market is worth $40 billion annually

Go deeper

Nov 23, 2021 - Health

Private equity firms buy Athenahealth, again

Illustration: Sarah Grillo/Axios

Private equity firms Bain Capital and Hellman & Friedman acquired Athenahealth, an electronic health records vendor for physician practices, for $17 billion.

Why it matters: This is one of the largest leveraged buyouts of the year, and it means the previous private equity firms that took Athenahealth private in 2018 — Veritas Capital and Evergreen Coast Capital, a subsidiary of Elliott Management— tripled their investment.

Updated 2 hours ago - Politics & Policy

Congressional leaders clinch support for crucial defense bill, debt limit votes

Senate Majority Leader Chuck Schumer passes waiting reporters on Tuesday. Photo: Eric Lee/Bloomberg via Getty Images

Congress has found a shortcut to pass its annual defense funding bill and raise the debt limit.

Driving the news: The House voted Tuesday night on two major bills — one creating a one-time, fast-track process for the Senate to raise the debt ceiling with just 51 votes, and another passing its annual defense bill.

House passes annual defense bill

Speaker of the House Nancy Pelosi. Photo: Chip Somodevilla/Getty Images

The House voted to pass the annual defense bill 363-70 on Tuesday night, authorizing nearly $770 billion in funding for defenses and national security programs.

Why it matters: The National Defense Authorization Act (NDAA) still has to clear the Senate, but the House passage greatly increases the chances that the must-pass defense bill will move through both chambers of Congress before the end of the year.