Dec 15, 2017 -

CarGurus raises $150 million in IPO

CarGurus, a Cambridge, Mass.-based online car research and shopping platform led by TripAdvisor co-founder Langley Steinert, raised $150 million in its IPO.

Why it's a big deal: Because this is a profitable, East Coast tech issuer valued at more than $1 billion — despite being bootstrapped for its first decade of existence. Oh, and then it raised pre-IPO funding from mutual funds that (gasp) led to an actual IPO. It's the old normal.

Deal details: The company priced 9.4 million shares at $16 per share (above $13-$15 range), for an initial market cap of around $1.68 billion. It will trade on the Nasdaq under ticker symbol CARG, while Goldman Sachs was listed as left-lead underwriter. GarGurus reports $8.6 million of net income on $143 million in revenue for the first half of 2017, and lists pre-IPO shareholders like Fidelity and T. Rowe Price.

Bottom line: CarGurus has somehow kept a low profile despite reporting 23 million unique monthly users, but this IPO could make it more of a known commodity in tech and business circles.

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What's next

Bolton alleges in book that Trump tied Ukraine aid to investigations

Photo: Alex Wong/Getty Images

President Trump's former national security adviser John Bolton alleges in his forthcoming book that the president explicitly told him "he wanted to continue freezing $391 million in security assistance to Ukraine until officials there helped with investigations into Democrats including the Bidens," the New York Times first reported.

Why this matters: The revelations present a dramatic 11th hour turn in Trump's Senate impeachment trial. They directly contradict Trump's claim that he never tied the hold-up of Ukrainian aid to his demands for investigations into his political opponent Joe Biden.

Honoring Kobe Bryant: Sports stars, politicians and celebrities mourn NBA great

Kobe Bryant on court for the Los Angeles Lakers during the Sprite Slam Dunk Contest on All-Star Saturday Night, part of 2010 NBA All-Star Weekend at American Airlines Center in Dallas in February 2010. Photo: Jed Jacobsohn/Getty Images

Sports stars, politicians and celebrities paid tribute to NBA legend Kobe Bryant, who was killed in a California helicopter crash alongside his 13-year-old daughter, Gianna, and seven others on Saturday. He was 41.

What they're saying: Lakers great Shaquille O'Neal said in an Instagram post of his former teammate, "There's no words to express the pain I'm going through now with this tragic and sad moment of losing my friend, my brother, my partner in winning championships, my dude and my homie. I love you brother and you will be missed."

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What's next: Trump's broader travel ban

A sign for International Arrivals is shown at the Seattle-Tacoma International Airport. Photo: Ted S. Warren/AP

President Trump is expected to announce an expanded travel ban this week, which would restrict immigration from seven additional countries — Nigeria, Myanmar, Sudan, Belarus, Eritrea, Kyrgyzstan and Tanzania, per multiple reports.

  • The announcement would come on the third anniversary of Trump's original travel ban, which targeted Muslim-majority nations, per Axios' Stef Kight.