Zipcar, the car-sharing company, on Tuesday filed for a $75 million initial public offering as it continues to expand.
In a regulatory filing, Zipcar said it plans to use proceeds from its offering to pay off debt and help with general expenses as it tries to turn a profit. (The $75 million figure is an estimate to help calculate the filing fee.)
Cambridge, Mass.-based Zipcar is backed by venture capital firms including Greylock Partners and Benchmark Capital.
It has lost money every year since it was founded in 2000. In its regulatory filing, Zipcar cautioned that it might never become profitable and that it expects to incur significant future expenses as it continues to expand in urban markets in the United States and Britain.
The company is well known for its car-sharing network, in which members can rent a car by the hour without needing to pay for gas, parking or insurance. It has about 400,000 members.
Zipcar has grown in part through acquisitions such as Flexcar and Streetcar. It faces competition from rivals: Hertz, Enterprise and U-Haul have started car-sharing services.
Goldman Sachs and J.P. Morgan Chase are listed as the joint lead underwriters for Zipcar's initial offering.
NEW YORK TIMES
