CarGurus files for $100-million IPO
17 Sep 2017
CarGurus filed with the SEC on Friday to raise up to $100 million U.S. in an initial public offering (IPO). Reuters reported previously that the company would be valued at more than $1 billion.
CarGurus first mentioned plans for an IPO in March 2017, but the company has been silent since then (not responding to our questions either), leading us to wonder whether the plans had been shelved. Apparently not.
CarGurus is heading for the Nasdaq market under the symbol CARG. Goldman Sachs, Allen & Company and RBC Capital Markets are the joint book runners on the deal. No pricing terms were disclosed.
CarGurus topped our list of the most-trafficked automotive classified sites in the AIM Group’s 2017 Advertising Annual (download a free preview here). At the time, the site was receiving 41 million visits a month, according to SimilarWeb. It’s now up to 51 million.
CarGurus was founded by former TripAdvisor head honcho Langley Steinert. It now operates in the U.S., U.K., Canada and Germany. It launched the German site in June and plans to move into France, Italy, and Spain next.
SimilarWeb counted 140,000 visits to the desktop and mobile sites of CarGurus.de in August. In the same month, Mobile.de (Germany’s leading auto site) received 63 million visits.
(Diego Sanson, VP of international business development, will speak next month at the AIM Group’s AutosPlus conference in London. We’ll be sure to ask him about the IPO; under U.S. securities rules, he probably won’t be able to talk about it.)