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Stitch Fix has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company expects to price its 10 million shares in the range of $18 to $20, with an overallotment option for an additional 1.5 million shares. At the maximum price, the entire offering is valued up to $230 million. The company intends to list its shares on the Nasdaq under the symbol SFIX.

The underwriters for this offering are Goldman Sachs, JPMorgan, Barclays, RBC Capital Markets, Piper Jaffray, Stifel and William Blair.

This company is reinventing the shopping experience by delivering one-to-one personalization to its clients through the combination of data science and human judgment. This combination drives a better client experience and a more powerful business model than either element could deliver independently.

Since its founding in 2011, Stitch Fix has helped millions of clients discover and buy what they love through personalized shipments of apparel, shoes and accessories, hand-selected by Stitch Fix stylists and delivered to clients’ homes.

Clients can choose to schedule automatic shipments or order a shipment on-demand after they fill out a style profile on the website or mobile app. For each shipment, the firm charges clients a styling fee that is credited toward items they purchase. After receiving a shipment, its clients purchase the items they want to keep and return the other items, if any, at no additional charge.

In the filing, Stitch Fix described its finances as follows:

In 2015, 2016 and 2017, we reported $342.8 million, $730.3 million and $977.1 million in revenue, respectively, representing year-over-year growth of 113.0% and 33.8%, respectively. We had net income of $33.2 million in 2016 and a net loss of $0.6 million in 2017, and reported $72.6 million and $60.6 million in adjusted EBITDA in 2016 and 2017, respectively. As of August 1, 2015, July 30, 2016 and July 29, 2017, we had 867,000 active clients, 1,674,000 active clients and 2,194,000 active clients, respectively, representing year-over-year growth of 93.1% and 31.1%, respectively.

The company intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures.