Zipcar Prices Its IPO At $18, Above The Expected Range
Apr 14, 2011
Zipcar (NASDAQ:ZIP) priced its IPO at $18, above the expected range of $14-$16 per share. The Cambridge, Massachusetts based company sold about 9.68 million shares, giving the company a value of approximately $175 million.
Zipcar offers self-service vehicles for use by the hour or by the day. It is a membership-based company and claims over 560,000 members, which the company refers to as "Zipsters."
Zipcar offers more than 30 makes and models and has operations in New York, Chicago, London, Washington D.C., San Francisco, Toronto, Philadelphia, Boston, Seattle, Vancouver, Baltimore, Atlanta, Portland and Pittsburgh, as well as 230 colleges and universities serving a potential 1.7 million students.
Zipcar has 468 full-time employees and reportedly had 2010 revenue of $186.1 million, up 42% from 2009.
The company has an 80% market share in the U.S. and an approximately 50% market share worldwide, based on its total membership.
Zipcar will begin trading today on the Nasdaq Global Market under the ticker symbol "ZIP."
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