CarGurus’ long-awaited listing on the Nasdaq Stock Exchange went off sensationally well for the company yesterday when the share price spiked more than 72 percent on the first day of trading. The company’s share had been priced to list at $16 U.S. --- already higher than expected --- but jumped to $27.58 by the end of the day.
CarGurus filed on Friday with the SEC to raise up to $100 million in an initial public offering. The company would be valued at more than $1 billion.
After announcing its intentions late last year, CarGurus officially debuted its German site this week. The company was recruiting dealers for the platform as early as February, but the site was not available to buyers until yesterday. It claims to have around 3,000