Founded in 2000, venture-backed Zipcar is the largest membership-based car sharing network in the world, with operations in the US, Canada and the UK. Its members have access to a network of 8,000 conveniently-located vehicles available for hourly or daily rentals, providing city dwellers and students with a turnkey solution for running errands or short trips. Zipcar has increased membership and revenues more than 10x since 2005 and, as the first mover in the emerging car sharing space, the company targets a projected global market opportunity north of $10 billion. Zipcar plans to raise $125 million by offering 8.3 million shares at a range of $14-$16. Existing shareholders are selling 1.7 million shares, representing 20% of expected deal proceeds. Goldman, Sachs & Co. and J.P. Morgan are the lead underwriters on the deal, which is on the IPO calendar for the week of April 11.
Zipcar is a membership-based car sharing network with over 560,000 members (or Zipsters) and a fleet of 8,000 vehicles. It operates in 14 major metropolitan areas and more than 230 college campuses in the US, Canada and the UK. The company generates revenue primarily from vehicle usage and annual membership fees. Cars may be reserved by the hour or by the day; rates include gas and insurance.
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