Turo, an online platform for peer-to-peer car sharing, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $300 million.
Turo states that it is the world’s largest car sharing marketplace, where guests can book any car they want, wherever they want it, from a community of hosts. Through its platform, hosts can list vehicles, adjust their availability, and dynamically modify prices to access demand patterns in their market, and guests can search by location, type, price, use case, and other categories to find vehicles for their needs. As of September 30, 2021, Turo had over 85,000 active hosts and 160,000 active vehicle listings in over 7,500 cities, as well as 1.3 million active guests participating in its marketplace.
The San Francisco, CA-based company was founded in 2009 and booked $373 million in revenue for the 12 months ended September 30, 2021. It plans to list on the NYSE under the symbol TURO. Turo filed confidentially on August 6, 2021. Morgan Stanley, J.P. Morgan, Allen & Company, and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.
