Zipcar files for $75M IPO (Boston)

Zipcar Inc. filed Tuesday for an initial public offering valued at up to $75 million, disclosing it narrowed its net loss last year.

The Cambridge-based car-sharing service company said the number of shares to be offered and the price range for the IPO have not yet been determined.

The company intends to sell stock on the Nasdaq Global Market under the symbol “ZIP”, according to a filing with the U.S. Securities and Exchange Commission. Underwriters for the proposed IPO are Goldman, Sachs & Co. and J.P. Morgan.

The company intends to use the net proceeds from the offering for the repayment of debt, working capital and the development of new services, including the expansion of the company’s fleet, the company said in its S-1 filing.

Zipcar’s net loss in 2009 was $4.6 million, down from $14.5 million in 2008 and $14.4 million in 2007, the filing shows. Zipcar saw $131.2 million in revenue last year, up from $105.9 million in 2008 and $57.8 million in 2007, according to the filing. Streetcar Limited, a United Kingdom-based car club acquired by Zipcar in April, saw $23 million in revenue last year.

Founded in 2000, Zipcar claims 360,000 members to its service, which offers more than 30 car makes and models for use by the hour.

Read the full post in Mass High Tech.