The number of shares to be offered and the price range for the offering have not yet been determined, but the filing reveals a target of $75 million.
Zipcar expects to use the net proceeds of the public offering to pay down certain indebtedness, and for general corporate purposes if any remain. The proposed offering will be managed by Goldman Sachs and J.P. Morgan.
Revolution Living, Benchmark Capital Partners, Greylock Partners and Smedvig Capital hold a notable stake in the company.
Zipcar was incorporated in Delaware in January 2000 and is headquartered in Cambridge, Massachusetts. It currently provides over 400,000 members with self-service vehicles, and operates its membership-based business in 13 major metropolitan areas and on more than 150 college campuses in the United States, Canada and the United Kingdom.
The company has reported net losses year after year, and acknowledges that the car sharing market is still nascent and that it may not be able to turn profitable by 2011 and beyond. For the three months ended March 31, 2010, the company incurred net loss of $5.3 million and reported revenue of $33.24 million.
Zipcar is a membership-based car-sharing company that provides automobile rentals to its members, billable on an hourly or daily basis. Members are able to view vehicle availability and reserve a self-service car via the internet, iPhone app, or telephone, in increments as short as one hour and pay only for time they reserve. Zipcar vehicles report their positions to a control center using in-car technology. Zipcar was founded in 2000 by Cambridge, Massachusetts. On October 31, 2007 Zipcar merged...