DETROIT -- Car-sharing company Zipcar Inc. plans to list 8.3 million shares at $14 to $16 per share when it makes its initial public stock offering, according to a filing Wednesdaywith the Securities and Exchange Commission.
No date has been set for the IPO.
Through this plan, Zipcar would sell about 6.7 million shares while some of its investors would sell 1.6 million, according to the SEC filing. Altogether, Zipcar said it expects net proceeds of $89.2 million, up from the $75 million it previously sought.
Zipcar, founded in 2000 in Cambridge, Mass., operates a car-sharing network in 14 cities and on 230 campuses across the United States, Canada and the United Kingdom. Its fleet contains more than 8,000 cars, according to the SEC filing.
Zipcar, which began the initial public offering filing process last June, plans to trade on the Nasdaq Stock Market under the symbol ZIP. The main underwriters on the deal are Goldman Sachs and J.P Morgan, with assistance from Cowen & Co., Needham & Co. and Oppenheimer & Co., according to the filing.
Zipcar reported revenue of $131.2 million in 2009 and $186.1 million in 2010. It has yet to turn a profit, reporting net losses of $4.7 million in 2009 and $14.1 million in 2010.
Reuters contributed to this report.
