Published June 1, 2010
You gotta admit, for a company speculated to be considering an IPO for years, waiting didn’t cost it a good ticker symbol. If all goes well, Zipcar will soon trade on the NASDAQ stock exchange under the zippy little moniker “ZIP.”
In a regulatory filing, the Cambridge car-sharing company announced it’s filing for an initial public offering. By going public, it hopes to raise as much $75 million. It hasn’t said how many shares would be issued at what prices.
Zipcar rents cars mostly in metropolitan areas and on college campuses. It boasts 400,000 members, who pay a time-based rate but don’t have to worry about gas or insurance.
But ever since Zipcar hit the pavement in 2000, it has never made a profit. That’s mainly because Zipcar has been growing, buying up competitors and moving into international markets such as London.
The SEC filing also reveals Zipcar is looking for more acquisitions and still may not make a profit for years.