CarGurus, an online marketplace for buyers and sellers of new and used cars, announced terms for its IPO on Friday.
The Cambridge, MA-based company plans to raise $132 million by offering 9.4 million shares (73% insider) at a price range of $13 to $15. At the midpoint of the proposed range, CarGurus would command a fully diluted market value of $1.6 billion.
CarGurus was founded in 2006 and booked $257 million in sales for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol CARG. Goldman Sachs, Allen & Company and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 9, 2017.
