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

Index Last Change % Change
Dow 17,950.60 20.61 0.11%
Nasdaq 4,856.48 13.81 0.29%
S&P 500 2,102.04 3.18 0.15%
Treasuries 1.46 -0.03 -2.15%
Data as of 2:21pm ET
Company Price Change % Change
Bank of America Corp... 13.11 -0.16 -1.21%
Micron Technology In... 12.44 -1.32 -9.59%
Ford Motor Co 12.76 0.20 1.55%
Chesapeake Energy Co... 4.56 0.28 6.62%
Freeport-McMoRan Inc... 11.37 0.23 2.06%
Data as of 2:06pm ET
Sponsors

Sections

Investors are already sifting through the Brexit market rubble for opportunities. Morgan Stanley compiled a list of highly-rated stocks that have limited or no direct exposure to the situation in the U.K. More

The New Jersey Senate and Assembly disagree over which tax cuts should accompany a 23-cent-per-gallon hike in the state's gas tax. As a result the hike won't go into effect Friday. More