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Zipcar to Become Public

Zipcar, the world’s largest car-sharing service operator, announced that it has filed a registration statement with the U.S. Securities and Exchange Commission related to an initial public offering of shares of its common stock. “Zipcar expects to use the net proceeds it receives from the offering to pay down certain indebtedness, and the remaining net proceeds, if any, for general corporate purposes,” stated the press release, indicating the use of the resulting funds.

The number of shares and the price range for the offering have not yet been determined. The book-running managers of the offering will be Goldman, Sachs & Co. and J.P. Morgan.

Once available, a preliminary prospectus relating to these securities may be obtained by contacting Goldman, Sachs & Co, or J.P. Morgan Securities Inc., or by calling toll-free at 1-866-803-9204,” stated the press release.

Zipcar’s network covers urban areas and college campuses throughout the U.S., Canada and the UK. The company’s offer includes over 30 makes (including BMW, Ford, Honda, Mazda, Nissan, Subaru, Toyota, VW and Volvo) and models of self-service vehicles, which can be used by the hour or day. These are available for residents or business clients who are looking for an alternative to owning a car.

The company has recently received a $70 funding from the Credit Agricole Corporate and Investment Bank, with the money destined to increase Zipcar’s global fleet of vehicles. This currently includes over 7,000 vehicles, which are being used by more than 400,000 members.
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About the author: Andrei Tutu
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In his quest to bring you the most impressive automotive creations, Andrei relies on learning as a superpower. There's quite a bit of room in the garage that is this aficionado's heart, so factory-condition classics and widebody contraptions with turbos poking through the hood can peacefully coexist.
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