Turo: Restarting IPO Plans and Going Public
Car-sharing company Turo, which filed paperwork for an initial public offering last year, has reportedly restarted its plans to go public and could list its shares as soon as this fall, according to sources familiar with the matter.
Investor Roadshow and Timing
Turo’s investor roadshow is expected to commence in October, the sources said. However, the timing of the IPO could still change and is contingent upon market conditions and the performance of other recent IPOs, such as Arm Holdings Ltd., Instacart Inc., and Klaviyo Inc. No final decision has been made, and Turo’s IPO plans remain subject to change.
The Rise of Turo
Turo competes with Getaround Inc. and operates as an innovative car-sharing platform connecting car owners with short-term renters, essentially functioning as an Airbnb for cars. By offering short-term trips ranging from a few hours to several days or even weeks, Turo aims to disrupt and challenge traditional rental car companies.
Turo’s approach not only provides convenient access to vehicles for renters but also allows car owners to monetize their assets by renting out their vehicles when they are not in use. This creates a dynamic marketplace that benefits both car owners and renters.
According to Turo’s filing from last year, its largest investors include IAC/InterActiveCorp, August Capital, Canaan Partners, G Squared, Shasta Ventures, and GV and its affiliates. The company has raised approximately $500 million since its inception in 2009, with its last known valuation reaching $1.2 billion in 2019.
Banking Partnerships
Last year, Turo worked with prominent banks including Morgan Stanley and JPMorgan Chase & Co., as indicated in its prospectus. These partnerships demonstrate Turo’s commitment to effectively execute its IPO plans with the support of reputable financial institutions.
Industry Outlook and Market Conditions
The success of Turo’s IPO is partly dependent on market conditions and the performance of recent IPOs in the technology and sharing economy sectors. The appetite of investors for disruptive platforms like Turo, coupled with positive market sentiment, will play a crucial role in determining the timing and outcome of Turo’s public listing.
The Benefits and Impact of Turo’s IPO
Turo’s potential IPO brings several benefits and implications not only for the company itself but also for the car-sharing industry and the broader market:
- Increased Awareness and Growth: Going public will likely raise Turo’s profile and increase awareness among both potential users and car owners, potentially driving more growth and adoption of the platform.
- Access to Capital: Through the IPO, Turo will have the opportunity to raise substantial funds, which can be used to accelerate expansion plans, invest in technology and infrastructure, and fuel innovation.
- Industry Validation: Turo’s successful IPO can serve as validation for the entire car-sharing industry, showcasing its potential and attracting more players and investors to the market.
- Enhanced Trust and Credibility: A public listing can increase Turo’s credibility and instill trust among users and car owners, as it will be subject to stricter regulatory requirements and scrutiny as a publicly-traded company.
Exploring the Future of Car-Sharing and Mobility
(Engaging Additional Piece)
As the demand for flexible and convenient transportation options continues to grow, car-sharing platforms like Turo are at the forefront of transforming the mobility landscape. With the advancement of technology and the increasing willingness of individuals to embrace the sharing economy, the potential for car-sharing to redefine urban mobility is vast.
One significant trend shaping the future of car-sharing is the rise of autonomous vehicles. As self-driving technology progresses, car-sharing platforms have the opportunity to leverage this innovation, enabling users to access shared autonomous vehicles on-demand. This can lead to increased efficiency, reduced congestion, and enhanced accessibility, ultimately revolutionizing urban transportation.
Moreover, the integration of electric vehicles (EVs) into car-sharing platforms presents another avenue for growth and sustainability. With the push for decarbonization and the decreasing costs of EV technology, incorporating electric vehicles into car-sharing fleets can contribute to reducing greenhouse gas emissions and promoting eco-friendly transportation solutions.
But it’s not just the technology and vehicles that are driving the evolution of car-sharing. The concept of collaborative consumption and the desire for experiential travel are also influencing the industry. People are increasingly valuing unique experiences over material possessions, and car-sharing allows them to access a wide range of vehicles, from luxury cars to classic automobiles, for special occasions and memorable trips.
Furthermore, as the sharing economy expands its reach, car-sharing platforms are exploring partnerships and integrations with other mobility services. By seamlessly connecting with ride-hailing, bike-sharing, and public transit services, car-sharing can become an integral piece of a comprehensive mobility ecosystem, providing users with a convenient one-stop solution for all their transportation needs.
In conclusion, Turo’s decision to revive its IPO plans and go public highlights the potential of disruptive car-sharing platforms to reshape the mobility landscape. With its unique business model and innovative approach, Turo has garnered significant investor interest and stands as a prominent player in the car-sharing industry. As Turo prepares to enter the public market, the future of car-sharing looks promising, with opportunities for growth, sustainability, and enhanced mobility experiences.
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Car-sharing company Turo, which filed paperwork for an initial public offering last year, has restarted its plans to go public and could list shares as soon as this fall, according to people familiar with the matter.
Turo’s investor roadshow could begin in October, said the people, who asked not to be identified because the matter is private.
The timing could still change and depends on market conditions and the performance of the current crop of IPOs, such as Arm Holdings Ltd., Instacart Inc. and Klaviyo Inc, the people said. No final decision has been made and its IPO plans could change.
A representative for Turo did not immediately respond to a request for comment.
Turo, which competes with Getaround Inc., connects car owners with short-term renters, functioning as an Airbnb for cars. By offering short-term trips, from a few hours to several days and weeks, Turo also seeks to compete with traditional trips. rental car companies.
Turo’s largest investors include IAC/InterActiveCorp, August Capital, Canaan Partners, G Squared, Shasta Ventures and GV and its affiliates, its filing from last year shows.
The company has raised about $500 million since 2009, according to data provider PitchBook. The company’s last known valuation was $1.2 billion in 2019, according to PitchBook.
The company had worked with banks including Morgan Stanley and JPMorgan Chase & Co. last year, its prospectus showed.
https://www.autoblog.com/2023/09/09/turo-car-sharing-service-ipo-expected-fall/
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