Cambridge, MA-based Zipcar, the auto-sharing company, plans its initial public offering of 8.3 million shares to be priced at $14 to $16 per share, according to an amended filing with the SEC. The company expects net proceeds of $89.2 million, which it will use for repaying debt, expanding the business, and other purposes. Goldman Sachs and JPMorgan are the lead underwriters. Zipcar originally filed to go public last June, with an initial target raise of $75 million. The company then closed $21 million in Series G financing from Meritech Capital Partners and Pinnacle Ventures in December, prompting rumors that the IPO was dead.
Author: Gregory T. Huang
Greg is a veteran journalist who has covered a wide range of science, technology, and business. As former editor in chief, he overaw daily news, features, and events across Xconomy's national network. Before joining Xconomy, he was a features editor at New Scientist magazine, where he edited and wrote articles on physics, technology, and neuroscience. Previously he was senior writer at Technology Review, where he reported on emerging technologies, R&D, and advances in computing, robotics, and applied physics. His writing has also appeared in Wired, Nature, and The Atlantic Monthly’s website. He was named a New York Times professional fellow in 2003.
Greg is the co-author of Guanxi (Simon & Schuster, 2006), about Microsoft in China and the global competition for talent and technology. Before becoming a journalist, he did research at MIT’s Artificial Intelligence Lab. He has published 20 papers in scientific journals and conferences and spoken on innovation at Adobe, Amazon, eBay, Google, HP, Microsoft, Yahoo, and other organizations. He has a Master’s and Ph.D. in electrical engineering and computer science from MIT, and a B.S. in electrical engineering from the University of Illinois, Urbana-Champaign.
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