This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Turo Files for IPO
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > Turo Files for IPO
Markets

Turo Files for IPO

Editorial Board Published January 11, 2022
Share
Turo Files for IPO
SHARE

Car-sharing marketplace Turo Inc. has publicly filed for its initial public offering and said that some of the car owners and renters could get a chance to participate in the offering.

Turo, whose marketplace allows private car owners to rent their cars, plans to allocate up to 5% of shares to be sold to some individuals, including hosts and guests who meet certain conditions, under what’s known as a directed-share program.

Often referred to as a friends-and-family program, a directed-share program allows some to buy some shares at the IPO price before the stock begins trading publicly. Uber Technologies Inc. UBER 2.63% offered a similar program to some of its drivers in the U.S.

The company said in a filing with the Securities and Exchange Commission that the planned IPO would include shares sold by Turo and some of its largest shareholders.

Large investors include IAC/InterActiveCorp., led by Chairman Barry Diller, and entities affiliated with August Capital. Turo said its largest shareholders would continue to have a significant influence following the IPO.

San Francisco-based Turo had disclosed in August that it filed documents for a potential IPO, without giving any details, such as who would be the selling stockholders if it ultimately pursued the offering.

The latest securities filing includes a proposed offering amount of $100 million, but that figure is used to calculate filing fees and is often changed.

Revenue for the first nine months of 2021 more than tripled to more than $330 million, compared with the same period in 2020.

The company, which has yet to post an annual profit, said its accumulated deficit stood at $544 million as of Sept. 30, according to the documents.

Turo said that it had more than 85,000 active hosts, more than 160,000 active vehicle listings and 1.3 million active guests in the U.S., Canada and the U.K. as of Sept. 30.

“Our platform avoids the capital intensity and asset-based limitations of the rental-car and fleet-based car-sharing industries, while providing low-cost access for individual car owners to earn extra income by sharing their vehicles through our marketplace,” Turo said, adding that hosts can offer other extras, such as unlimited mileage, camping equipment, or prepaid refueling, for example.

Like other companies in the so-called sharing economy, such as Airbnb Inc., Turo makes money by taking a cut from both the host and the guest.

The company seeks to trade on the New York Stock Exchange under the symbol TURO.

Write to Maria Armental at maria.armental@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the January 11, 2022, print edition as ‘Rental-Car Marketplace Turo Files IPO.’

TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Ron Rivera has the wheel, but road looks same Ron Rivera has the wheel, but road looks same
Next Article Trump attorney asks federal judge to dismiss Jan. 6 suits from Democrats, Capitol Police officers Trump attorney asks federal judge to dismiss Jan. 6 suits from Democrats, Capitol Police officers

Editor's Pick

I attempted Google’s new Search Dwell function and ended up debating an AI about books

I attempted Google’s new Search Dwell function and ended up debating an AI about books

Google’s new Search Dwell function lets customers maintain real-time voice conversations with an AI-powered model of Search The Gemini-powered AI…

By Editorial Board 6 Min Read
AI at Scale: Mohammed’s Revolutionary Architecture Behind the World’s Fastest Website Builder
AI at Scale: Mohammed’s Revolutionary Architecture Behind the World’s Fastest Website Builder

In an extraordinary technological breakthrough, Abdul Muqtadir Mohammed has fundamentally transformed how…

7 Min Read
Bobby Flay Pays Tribute to Anne Burrell: She was Unforgettable…
Bobby Flay Pays Tribute to Anne Burrell: She was Unforgettable…

Studying Time: 3 minutes Bobby Flay is the newest movie star to…

5 Min Read

Oponion

Endangered Whales Get Lifeline From High-Tech Lobster Traps

Endangered Whales Get Lifeline From High-Tech Lobster Traps

By Eric Niiler| Photographs by Kayana Szymczak for The Wall…

December 8, 2022

Stanford’s blowout win headlines first day of Bay Space faculty basketball

The panorama of school basketball within…

November 5, 2024

Younger Artists’ Summer time Present 2024 on the Royal Academy

From 16 July to 11 August…

September 15, 2024

U.S. Job Growth Likely Picked Up in September

U.S. job growth likely rebounded last…

October 8, 2021

Shannon Sharpe Accused of Raping Second Girl In Separate Lawsuit; Former NFL Star Steps Away From ESPN Gig

Studying Time: 3 minutes As we…

April 25, 2025

You Might Also Like

Oil costs anticipated to be impacted following US bombing of Iran nuclear websites
Markets

Oil costs anticipated to be impacted following US bombing of Iran nuclear websites

FOX Enterprise host Liz Claman breaks down the impression on the oil markets and customers amid escalating tensions within the…

4 Min Read
America headed for ‘financial coronary heart assault’ on authorities debt, spending warns billionaire
Markets

America headed for ‘financial coronary heart assault’ on authorities debt, spending warns billionaire

Bridgewater Associates founder Ray Dalio discusses responding to the U.S. debt on 'The Claman Countdown.' Billionaire Ray Dalio, founding father…

4 Min Read
Main oil worth shock looming as Israel-Iran battle threatens crucial world delivery passage
Markets

Main oil worth shock looming as Israel-Iran battle threatens crucial world delivery passage

ExxonMobil CEO Darren Woods describes the impact of the Center East battle on the worldwide oil market on 'Particular Report.'…

4 Min Read
ExxonMobil CEO talks oil provide amid Iran-Israel battle
Markets

ExxonMobil CEO talks oil provide amid Iran-Israel battle

ExxonMobil CEO Darren Woods describes the influence of the Center East battle on the worldwide oil market on 'Particular Report.'…

4 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?