Zipcar plans IPO to raise $75M, site reports
Zipcar, the by-the-hour car agency based in Kendall Square, is planning to go public, selling shares to pay off debt, according to the TechCrunch website. It estimates the company wants to raise about $75 million through the initial public offering.
Here’s some Zipcar information from TechCrunch:
Zipcar was incorporated in Delaware in January 2000 … It currently provides over 400,000 members with self-service vehicles, and operates its membership-based business in 13 major metropolitan areas and on more than 150 college campuses in the United States, Canada and the United Kingdom.
The company has reported net losses year after year, and acknowledges that the car sharing market is still nascent and that it may not be able to turn profitable by 2011 and beyond. For the three months ended March 31, 2010, the company incurred net loss of $5.3 million and reported revenue of $33.24 million.
And the full story is here.
Cambridge has gathered a minor transportation industry, much of it mindful of the environment. In addition to Zipcar, the city boasts PlanetTran, a transportation service with only hybrid vehicles; IvyMedia/GotoBus.com, which provides online services for bricks-and-mortar businesses but is best known for bus ticket sales; SpotScout, which allows drivers to “Find parking before you get there”; and Cambridge Systematics, a transportation consultant for federal and state agencies as well as private industry.
Update: Slate partner Big Money looks at whether Zipcar makes a wise investment. Click here.