Carvana, a online used car marketplace with locations featuring car "vending machines", filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $300 million.
The Phoenix, AZ-based company was founded in 2013 and booked $365 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol CVNA. Carvana filed confidentially on December 22, 2016. Wells Fargo Securities, BofA Merrill Lynch and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.
