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.
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