Zipcar Announces Pricing of Initial Public Offering
Zipcar, Inc., the world's leading car sharing network, today announced the pricing of its initial public offering of 9,684,109 shares of its common stock at a public offering price of $18.00 per share. The common stock will begin trading on April 14, 2011 on the NASDAQ Global Select Market under the symbol "ZIP."
Zipcar is offering 6,666,667 shares of common stock and certain selling stockholders are offering 3,017,442 shares of common stock. In addition, certain selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,452,617 shares at the initial public offering price.
Zipcar intends to use the net proceeds from this offering for repayment of certain debt, business expansion, working capital and other general corporate purposes, including the development of new services, sales and marketing activities and capital expenditures. Zipcar will not receive any proceeds from the sale of shares by the selling stockholders.
Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as the joint bookrunners for the offering. Cowen and Company, LLC, Needham & Company, LLC and Oppenheimer & Co. are acting as co-managers.
The initial public offering is being made solely by means of a prospectus, copies of which, may be obtained from: Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, via telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com; or from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling toll-free at 1-866-803-9204.
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Zipcar intends to use the net proceeds from this offering for repayment of certain debt, business expansion, working capital and other general corporate purposes, including the development of new services, sales and marketing activities and capital expenditures. Zipcar will not receive any proceeds from the sale of shares by the selling stockholders.
Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as the joint bookrunners for the offering. Cowen and Company, LLC, Needham & Company, LLC and Oppenheimer & Co. are acting as co-managers.
The initial public offering is being made solely by means of a prospectus, copies of which, may be obtained from: Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, via telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com; or from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling toll-free at 1-866-803-9204.
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Zipcar
Zipcar is the world's leading car sharing network with more than 560,000 members and over 8,000 vehicles in urban areas and college campuses throughout the United States, Canada and the United Kingdom. Zipcar offers more than 30 makes and models of self-service vehicles by the hour or day to residents and businesses looking for an alternative to the high costs and hassles of owning a car.
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