Carvana speeding into public markets
Carvana has filed for an IPO, making it the third company to do so on Friday (following Cloudera and Frontier Airlines). This is the Phoenix-based company that lets people buy used cars online, and then pick them up from what looks like the world's largest vending machines.
Top line: The company's revenue and losses both grew substantially last year. Revenue was up from $130 million to $365 million, while net loss climbed from $37 million to $93 million. A majority of its unique views (54%) came via mobile.
The offering: Carvana plans to trade on the NYSE, with Wells Fargo serving as lead underwriter. It is filing to raise $100 million, but that's likely a placeholder figure.
TV time: Normally we wouldn't post a company's promotional video but, come on, this is a vending machine for cars!
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