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.
More proof America is gaining momentum: GDP beat expectations from July to September. More
San Francisco-based Tumml is an accelerator fostering 'urban impact start-ups' that aim to tackle civic problems -- and turn a profit. More
Amy Kukec thought leaving her abusive husband would be the beginning of a new life, but so far she's hit one debilitating financial roadblock after another. More