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Car Sharing Platform TURO Files for $100 Million US IPO

Esther Thin

Turo Inc, a car-sharing platform, has filed Form S-1 Registration Statement on January 10, 2022 with the U.S. Securities and Exchange Commission to raise up to $100 million IPO. Pricing terms are yet to announce. Sources estimate the total proceeds raised would up to $300 million.

The company is the world’s largest car-sharing marketplace where guests can book any car they want, wherever they want it, from a vibrant community of trusted hosts. Their platform unlocks peer-to-peer car sharing through technology — a seamless, simple platform that connects hosts and guests and enables them to transact in a trusted, safe environment.

The San Francisco, California-based company was founded in 2009 and booked $373 million in revenue for the 12 months ended September 30, 2021. It plans to list on the NYSE under the symbol “TURO.” Morgan Stanley, J.P. Morgan, Allen & Company, and Citi are the underwriters of the IPO.

The company engages Cooley LLP as US Securities Counsel, and KPMG LLP as Independent Auditor.

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