Zipcar Files For $75 Million IPO

Posted Jun 1, 2010

Zipcar has filed for a $75 million IPO according to an S-1 filed with the SEC. The number of shares and price range for the stock has not yet been announced, but the filing revealed the target of $75 million. The company plans to use the net proceeds to pay off debt after the IPO. The IPO is being managed by Goldman Sachs and JP Morgan. Revolution Living, Benchmark Capital, Smedvig Capital, General Electric, and Greylock Partners have invested in Zipcar in the past. Zipcar incorporated in Delaware in January 2000. Their headquarters is in Cambridge, Massachusetts. Zipcar has about 400,000 members and they operate in 13 major metro areas and on 150 college campuses. The company does not expect to be profitable until beyond 2011. [TechCrunch]