CarGurus IPO priced at $16 per share: Reuters


CarGurus Inc (CARG.O), an online marketplace for new and used cars, raised about $150.4 million from its initial public offering priced at $16 per share.

The 9.4 million Class A share offering was priced above the proposed range of $13 to $15 per share.

The company reported a 70.1 percent jump in total revenue to $143.3 million for the six months ended June 30. Net income soared more than sixteen times to $8.6 million in the same period.

The company with an active network of over 40,000 dealers as of June 30, has operations in United States, Canada, United Kingdom and Germany.

The company, founded by Langley Steinert in 2006, has over 5.4 million car listings and about 61 million average monthly users in the U.S. as of June 30, becoming the most visited online automotive marketplace, according to a regulatory filing.

Goldman Sachs & Co, Allen & Co, RBC Capital Markets, JMP Securities, Raymond James & Associates and William Blair & Co are underwriters for the IPO.

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