Car-sharing company Turo files for IPO

car-sharing-company-turo-files-for-ipo

Peer-to-peer car-sharing company Turo has filed for an initial public offering, according to a filing late Monday. Turo, based in San Francisco, filed to sell up to $100 million worth of shares, although that figure is often a placeholder used to calculate fees. The company plans to list its stock on the New York Stock Exchange under the symbol TURO, and underwriters include JPMorgan and Morgan Stanley. “Our mission is to put the world’s 1.5 billion cars to better use,” Turo said in its prospectus, adding that its business is “resilient” as it “dynamically adjusts” to the needs of car owners and car renters. For the nine months ended on Sept. 30, Turo had sales of $330.5 million, up 207% from sales of $107.8 million for the same period in 2020, the company said. Net loss rose to $129.3 million, from $51.7 million for the same period in 2020. After a record-shattering 2021, the IPO market is expected to welcome companies such as grocery-delivery service Instacart, data-analytics company Databricks, and retailer Mattress Firm this year.

Source: Marketwatch

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