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 20,624.05 4.28 0.02%
Nasdaq 5,838.58 23.68 0.41%
S&P 500 2,351.16 0.00 0.00%
Treasuries 2.42 -0.02 -1.02%
Data as of 10:48pm ET
Company Price Change % Change
Bank of America Corp... 24.52 -0.06 -0.24%
Pfizer Inc 33.62 0.00 0.00%
Cisco Systems Inc 33.74 0.14 0.42%
Kraft Heinz Co 96.65 9.37 10.74%
Mondelez Internation... 42.50 -0.70 -1.62%
Data as of Feb 17
Sponsors

Sections

Kraft Heinz has abandoned its more than $140 billion bid for food and personal care products giant Unilever. But the company, which has Buffett as its largest investor, could still be interested in buying another big supermarket staple. More

It's still not clear whether millions of European Union migrants living in the U.K. will be permitted to stay in the country. More

Some Silicon Valley workers are going public with how their lives are changing under the new President as part of a new project from photographer and oral historian Helena Price called "Banned." More

Pay yourself first; donate stuff you don't need to charity and remember to claim deductions; finally, cut your recurring expenses. More