Zipcar prices upsized IPO at $18, above the range

Zipcar, which operates the leading car sharing network in North America and the UK, raised $174 million on Wednesday by offering 9.7 million shares at $18, 20% above the midpoint of the originally-proposed $14 to $16 range. The company offered 16% more shares than previously expected, all from selling shareholders, who collected 31% of IPO proceeds (was 20%). Zipcar will begin trading Thursday on the NASDAQ under the symbol ZIP. Goldman, Sachs & Co. and J.P. Morgan acted as lead managers on the deal.