Carvana, an online used car marketplace with locations featuring car "vending machines", announced terms for its IPO on Monday.
The Phoenix, AZ-based company plans to raise $225 million by offering 15 million shares at a price range of $14 to $16. Insiders intend to purchase $20 million worth of shares in the offering. At the midpoint of the proposed range, Carvana would command a fully diluted market value of $2.1 billion.
Carvana 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. Wells Fargo Securities, BofA Merrill Lynch, Citi and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of April 24, 2017.
