Zipcar Prices IPO Shares at $14-$16
Cambridge, MA-based Zipcar, the auto-sharing company, plans its initial public offering of 8.3 million shares to be priced at $14 to $16 per share, according to an amended filing with the SEC. The company expects net proceeds of $89.2 million, which it will use for repaying debt, expanding the business, and other purposes. Goldman Sachs and JPMorgan are the lead underwriters. Zipcar originally filed to go public last June, with an initial target raise of $75 million. The company then closed $21 million in Series G financing from Meritech Capital Partners and Pinnacle Ventures in December, prompting rumors that the IPO was dead.