Zipcar stock surges in first day after raising $174.3 Million

IPOs are exciting for any investor, and our beloved industry saw the biggest one in history took place back in November with GM’s offering. Though no one has really made a killing on GM growth to this point, one automotive stock is making the bulls hungry on Wall Street.

Zipcar Inc., the company known for its small rental cars in urban areas that are rentable by the hour, has taken itself public this week, and surged as high as 75% in trading, just one day after its IPO.

Original shares were offered at $18, and closed the day out today at $28, after seeing a price as high as $31.50.

The Massachusetts based company raised $174.3 million in its IPO yesterday

– By: Stephen Calogera

Source: Bloomberg