Zipcar files for $75 million IPO

By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- Zipcar is seeking to raise $75 million through an initial public offering to pay off debt, the company said in a filing Monday.

It would be the Cambridge, Mass.-based car-sharing company's first entry into the public market.

As of Mar. 31, 2010, the company had more than $29.9 million in debt.

Zipcar, founded in 2000, operates in 13 cities and on more than 150 U.S. college campuses. The company's total 2009 revenue was $131.2 million.

About $5 million of the capital raised will be used to repay debt to "certain former shareholders" of the U.K.-based Streetcar Limited, which Zipcar acquired in April 2010.

The offering's major underwriters are Goldman Sachs (GS, Fortune 500) and JPMorgan (JPM, Fortune 500).

Zipcar wants its stock to be listed on the Nasdaq under the symbol "ZIP." To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play

Search for Jobs

Index Last Change % Change
Dow 17,841.98 -86.22 -0.48%
Nasdaq 4,919.64 -19.69 -0.40%
S&P 500 2,080.15 -9.31 -0.45%
Treasuries 2.24 0.06 2.94%
Data as of 8:40pm ET
Company Price Change % Change
Bank of America Corp... 16.29 -0.06 -0.37%
Apple Inc 125.01 -0.79 -0.63%
Microsoft Corp 46.28 -1.32 -2.77%
Chesapeake Energy Co... 14.72 -1.14 -7.19%
Frontier Communicati... 5.94 -0.80 -11.87%
Data as of 4:03pm ET
Sponsors

Sections

Keep an eye on you burgers. After 13 years, the Hamburglar is back at McDonald's. More

Good news for people in Texas and North Dakota: McGladrey chief economist Joe Brusuelas believes the painful period of layoffs is largely done. More

Big Idea Week kicked off in New York City, and it brings the entrepreneurship of the tech industry -- and its workers -- into the classroom. More

Lori Greiner, an investor on ABC's "Shark Tank" offered advice for women looking to be more successful in business. More