Ready to Ride: Zipcar Prices Upsized IPO Above the Range

With strong investor demand on an IPO described as multiple times oversubscribed, Zipcar, Inc. (ZIP) priced approximately 9.68 million shares at $18.00 (original terms were for 8.333M shares at $14-16). Under the original terms, the company was offering 6.67 million shares and the selling stockholders were selling 1.67 million shares, with Smedvig Capital selling 900,891 of that 1.67 million. Other key investors including Revolution Living (of which Steve Case is manager, chairman, and CEO), Benchmark Capital, and entities affiliated with Greylock Partners, were not selling under the original terms. However, the additional 1.4 million of shares in the upsized offering are said to be coming from selling shareholders. The lead underwriters on the offering are Goldman Sachs (GS) and JP Morgan (JPM).