Warby Parker’s sterling debut on the public markets today makes two things about the markets clear. One is that digitally-savvy, venture-backed consumer goods startups such as Warby Parker aren’t as unpopular on Wall Street as would appear from the disastrous IPOs of others in that category, such as Casper and Honest Co. The second is that proponents of direct listings are overselling this route to the public market, causing some companies to miss valuable opportunities to raise money.
The eyeglass maker debuted shares at around $54 apiece, more than double the $24.53 price of the company’s last private funding round a year ago. Clearly there was plenty of shareholder demand, which shouldn’t be that surprising given how well known Warby Parker is. But that begs the question: Why didn’t Warby Parker take advantage of that pent-up demand and sell some shares in an IPO so it could put some more money in the bank?
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