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Turo, the leading peer-to-peer car-sharing marketplace, is reportedly reviving its plans for an initial public offering (IPO) that could take place as early as this fall. The San Francisco-based company, which connects car owners with renters through its platform, filed paperwork for an IPO in January 2022 but delayed those plans amid market volatility.
Founded in 2009, Turo has raised approximately $500 million in funding to date. The company's last known valuation was $1.2 billion in 2019, according to reports. Turo's platform offers an alternative to traditional car rental services by allowing individuals to rent out their personal vehicles.
Sources familiar with the matter indicate that Turo could begin its investor roadshow as soon as October. However, the timing remains subject to market conditions and the performance of other recent high-profile IPOs. The company had previously worked with banks including Morgan Stanley and JPMorgan Chase & Co. on its IPO preparations.
Turo's largest investors include IAC/InterActiveCorp, August Capital, Canaan Partners, G Squared, Shasta Ventures, and GV. The potential IPO could provide these backers with an opportunity to realize returns on their investments.
As Turo considers going public, it faces a competitive landscape that includes both traditional car rental companies and other peer-to-peer platforms. The company's ability to demonstrate sustainable growth and profitability will likely be key factors in determining investor interest. While the renewed IPO plans signal confidence in Turo's business model, the ultimate success of a public offering will depend on broader market conditions and investor appetite for new listings in the transportation and technology sectors.
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While Turo's IPO prospects remain uncertain, investors eager to gain exposure to the car-sharing industry don't have to wait. At Linqto, we offer members access to interests in pre-IPO private companies, including potential leaders in the sharing economy and transportation sectors. Our platform allows you to diversify your portfolio with lower minimum investments, potentially benefiting from the growth of innovative companies like Turo before they go public.
2 - Yahoo Entertainment - (Bloomberg) -- Car-sharing business Turo Inc., which filed paperwork for an initial public offering last year, has restarted its plans to go public and could...
*These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO. The information provided above is based on current online discussions and is not intended as investment advice. Linqto does not endorse or guarantee the accuracy of this information, and we strongly recommend conducting your own research or consulting with a professional advisor before making any investment decisions. Linqto cannot be held liable for any investment outcomes resulting from the use of this information.
