zipcar (ZIP) IPO Surges Higher

The IPO for zipcar (NYSE: ZIP) is open for trading. Shares are trading at $30.50 after pricing its upsized offering of 9,700,000 shares at $18, which was well above the expected range of $14 to $16 per share.

The offering is being led by Goldman, Sachs & Co. and J.P. Morgan.

Zipcar operates the world's leading car sharing network. The company provides its 560,000 members, also known as "Zipsters", with self-service vehicles that are located in reserved parking spaces throughout the neighborhoods where they live and work. The company's vehicles are available for use by the hour or by the day through our reservation system, which is available by phone, internet or wireless mobile devices.

Zipcar reported 2010 revenue of $186.1 million, up from $131.2 million in 2009 and up from $106 million in 2008. The company lost $14.1 million in 2010, versus a loss of $4.7 million in 2009 and a loss of $14.5 million in 2008.

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