Automotive-sharing business Turo, which filed paperwork for an initial public offering last yr, has restarted its plans to go public and will list shares as early as this fall, in line with people aware of the matter.
Turo’s investor roadshow could start as early as October, the people said, asking to not be identified since the matter is private.
The timing could still change and is determined by market conditions and the way the present crop of IPOs perform equivalent to Arm Holdings Ltd., Instacart Inc. and Klaviyo Inc, the people said. No final decision has been made and its IPO plans could change.
A representative for Turo didn’t immediately reply to a request for comment.
Turo, which competes with Getaround Inc., connects automotive owners with short-term renters, functioning as an Airbnb for cars. By offering short duration trips from a number of hours, to multiple days and weeks, Turo also seeks to compete with traditional rental automotive firms.
Turo’s largest investors include IAC/InterActiveCorp, August Capital, Canaan Partners, G Squared, Shasta Ventures and GV and their affiliates, its filing last yr shows.
The corporate has raised about $500 million, dating back to 2009, in line with data provider PitchBook. The corporate’s last known valuation was $1.2 billion in 2019, in line with PitchBook.
The corporate had worked with banks including Morgan Stanley and JPMorgan Chase & Co. last yr, its prospectus showed.
This Article First Appeared At www.autoblog.com
