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Zipcar submits filing for $75 million IPO

June 1, 2010
ZIP

Zipcar, the world's leading provider of car sharing services in North America and the UK, filed on Tuesday with the SEC to raise up to $75 million in an initial public offering. The Cambridge, MA-based company, which was founded in 2000 and booked $139 million in sales for the 12 months ended March 31st, 2010, operates in 13 major metropolitan areas and on more than 150 college campuses. Zipcar is 23% owned by Revolution Living, which was co-founded by former AOL CEO Steve Case; other shareholders include Benchmark Capital, Greylock Partners and Smedvig Capital. Zipcar plans to list on the NASDAQ under the symbol ZIP. Goldman, Sachs & Co. and J.P. Morgan are the lead underwriters on the deal, for which pricing terms and timing were not disclosed.