Zipcar Stock Price Increases 56% On First Day Of Trading

The stock price of car-sharing company Zipcar Inc (NASDAQ:ZIP) has increased 56% on the first day of trading after the company’s expanded IPO. Based in Cambridge, Massachusetts, Zipcar raised $174.3 million in their IPO earlier this week. Zipcar’s opening stock price increased $10, settling to $28, after climbing to a high of $31.50. Zipcar operates in 14 metro areas and they have about 8,000 cars in their fleet. Zipcar plans on expanding in the U.S. and other international markets. Now Zipcar has a market value of $1.21 billion. [Bloomberg]

This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at
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