Top of the Morning
CarGurus, a Cambridge, Mass.-based online car research and shopping platform led by TripAdvisor co-founder Langley Steiner, raised $150 million in its IPO. 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.
- Why it's the BFD: 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.
- 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.
Venture Capital Deals
Private Equity Deals
• American Securities is raising up to $6 billion for its eighth buyout fund, per an SEC filing. www.american-securities.com
• GTCR has closed its twelfth buyout fund with $5.25 billion in capital commitments, making it the firm's largest fund in its 37-year history. www.gtcr.com
• Mighty Capital, a new San Francisco-based VC firm founded by SC Moatti, is raising up to $100 million for its debut fund, per an SEC filing. www.mighty.capital
• Tara-Nicholle Nelson has joined Lightspeed Venture Partners as an entrepreneur-in-residence. Per VentureBeat, she plans to work on launching "a startup that brings spirituality into the digital sphere." http://axios.link/35he
• Scale Venture Partners has promoted Alex Niehenke to partner. www.scalevp.com