Zipcar Inc., a car-sharing service, announced Tuesday that it filed for an initial public offering worth as much as $75 million with the U.S. Securities and Exchange Commission.
Zipcar has more than 400,000 members and 7,000 vehicles in urban areas and college campuses throughout the United States, Canada and the United Kingdom.
The car-sharing company has posted losses every year since it was founded and said in a regulatory filing that it also expects losses in 2010, according to Reuters.
The company's revenue rose 22.5 percent to $33.24 million in the three months that ended March 31. The company's net loss widened from $2.97 million to $5.33 million.
Zipcar said it expects to use the net proceeds it receives from the offering to pay down certain indebtedness, and the remaining net proceeds, if any, for general corporate purposes.
Goldman Sachs & Co. and J.P. Morgan are underwriting the offering. The number of shares to be offered and the price range for the offering have not been determined.
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