Luxury apparel reseller The RealReal hit the ground running in its first day as a publicly traded company, jumping 40% over its opening $20 share price, to $28.
The successful launch shows investors believe The RealReal is on the right track with its business plan of re-selling Cartier, Christian Louboutin, Gucci and other high-end brands via the web to millennials who would otherwise balk at paying full price for the items.
CNN reports the company raised $300 million in its opening day. The company raised $207 million last year, according to its SEC filing.
The RealReal was founded in 2011 by ex-Pets.com CEO Julie Wainwright.