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Turo pulls its car-sharing IPO back into the fast-lane

Michael Flaherty
Sep 11, 2023

Illustration: Aïda Amer/Axios

Car-sharing company Turo may finally start its IPO roadshow next month, Bloomberg reports, after tapping the brakes on its effort to list.

Why it matters: The timing update for the company's aging plans to go public is another sign that the IPO market is perking back to life, albeit slowly.

Details: Bloomberg's report is thin on specifics, other than saying the company has recharged its listing-process battery. The company has raised around $500 million.

  • Its service provides a sort of Airbnb for cars.

Big picture: Car/ride-sharing is a climate-tech play in that the business takes a ton of vehicles, and the pollution that comes with them, off the road.

  • Turo competitor Getaround published a piece on that very subject.
  • Turo's largest investors include IAC/InterActiveCorp, August Capital, Canaan Partners, G Squared, Shasta Ventures and GV and their affiliates, according to a filing.

Of note: Two other listings issued more details today, showing that the market is ready for them but with muted expectations. Axios' Dan Primack has more on the Instacart and Klaviyo roadshow launches.

  • Turo was working with Morgan Stanley and JPMorgan last year, according to its prospectus.
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