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Zipcar files for_75_million_ipo
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Zipcar files for_75_million_ipo

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  • 1.   Zipcar files for $75 million IPO by Adele June 2, 2010
  • 2. Company background
    •   operates the world’s leading car sharing network
    • provides the freedom of “wheels when you want them” to over 400,000 members
    • Is concentrated in 13 metropolitan areas and more than 150 college campuses in the U.S., Canada and U.K.
  • 3. Present financial situation
    • Revenue has increased throughout the global economic downturn.
    • Has never been profitable, still posting operating losses
    • In 1Q 2010. loss rose to $5.3m from $3m a year earlier; revenue increased 29% to $33.3m
  • 4. Car-sharing market
    • Revenue from North America hopes to rise to $3.3b by 2016 from $253m in 2009
    • Revenue from Europe is expected to increase to
    • € 2.6b in 2016, up from €220m in 2009
    • Zipcar accounts for ¾ of the small but fast-growing car sharing market
    • Major competitors: big auto-rental companies: Hertz& Enterprise
  • 5. Growth Strategies
    • Increase Awareness and Adoption in Existing Markets
    • Expand into New Markets
    • Broaden Relationships with Existing Members
    • Continue to Build Offerings for Businesses and Government Agencies
  • 6. About the IPO
    • Aims to raise $75 millon
    • Use of proceeds: repayment of debts, working capital and other general corporate purposes
    • “ it will be more than an IPO of an unprofitable company with a lot of potential: It could spell a new chapter in the world of social enterprise” (Annie Field)