Turo, an online platform for peer-to-peer car sharing, withdrew its plans for an initial public offering on Thursday. It originally filed in January 2022 with an estimated deal size of $300 million.
Turo states that it is the world’s largest car sharing marketplace, where guests can book any car they want, wherever they want it, from a community of hosts. Through its platform, hosts can list vehicles, adjust their availability, and dynamically modify prices to access demand patterns in their market, and guests can search by location, type, price, use case, and other categories to find vehicles for their needs. As of June 30, 2024, Turo had approximately 165,000 active hosts and 3.5 million active guests participating in its marketplace.
The San Francisco, CA-based company was founded in 2009 and had planned to list on the NYSE under the symbol TURO. Morgan Stanley, J.P. Morgan, Allen & Company, and Citi were set to be the joint bookrunners on the deal.
