According to a filing with the Securities and Exchange Commission on Wednesday, car-sharing company Zipcar plans to list 8.3 million shares at $14 to $16 per share when it makes its initial public stock offering.
Zipcar would sell about 6.7 million shares while some of its investors will sell 1.7 million, the SEC filing said. Altogether, Zipcar expects net proceeds of $89.2 million from the IPO, for which no date has been set.
Zipcar was founded in 2000 in Cambridge, Mass. and operates a car-sharing network in 14 cities across the United States, Canada and United Kingdom. The company has more than 8,000 vehicles in its fleet.
Zipcar reported revenue of $131.2 million in 2009 and $186.1 million in 2010. It has yet to turn a profit.
– By: Stephen Calogera
Source: Automotive News