Cambridge-Based Zipcar Puts IPO In Drive
BOSTON — Zipcar, the Cambridge car-sharing company, is filing for an initial public offering. The company announced Tuesday it wants to go public and raise as much $75 million.
“ZIP” would be the company’s zippy new ticker symbol on the NASDAQ stock exchange.
The company rents cars mostly in metropolitan areas and on college campuses. But ever since it got off the ground in 2000, it has never made a profit. That’s mainly because Zipcar’s been growing, buying up competitors and moving into international markets.
The company announced its IPO in a regulatory filing Tuesday. The filing also revealed that Zipcar is looking for more acquisitions and still may not make a profit for years.
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