Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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

Search for Jobs

Index Last Change % Change
Dow 17,817.09 -34.42 -0.19%
Nasdaq 4,895.14 0.25 0.01%
S&P 500 2,089.11 -1.43 -0.07%
Treasuries 1.84 -0.03 -1.39%
Data as of 12:53pm ET
Company Price Change % Change
Bank of America Corp... 14.76 -0.16 -1.07%
Apple Inc 99.32 -0.30 -0.30%
Chesapeake Energy Co... 4.26 -0.08 -1.95%
Freeport-McMoRan Inc... 11.39 -0.26 -2.27%
HP Inc 12.90 0.71 5.78%
Data as of 12:16pm ET
Sponsors

Sections

Abercrombie & Fitch reported a loss of $40 million, along with declining sales. The teen fashion brand's stock plunged 12% on Thursday. More

Moody's Analytics has correctly predicted the winner of every presidential race since 1980. The model says Hillary Clinton or Bernie Sanders will triumph in 2016. More

A jury is currently deliberating a landmark court case between Google and Oracle that has broad implications for the software industry -- and could force Google to pay Oracle billions of dollars. More

When so many families are stuck having to borrow money to send their kids to college, these middle class students were able to graduate debt-free. More