Turo’s IPO Details
Turo filed to go public on the New York Stock Exchange. Founded in 2010, Turo allows people to rent out their personal cars to other customers. Turo generated $789.9 million in revenue in the 12 months to March 31. Its net income was $123.4 million. Turo did not announce a date for the launch. It plans to list under the ticker “TURO.” Turo first registered confidentially in August 2021 before filing its S-1 in January 2022. Morgan Stanley and J.P. Morgan remain the lead underwriters.
Turo’s Competitor and Business Model
Turo competes with Getaround. Getaround went public by merging with a SPAC. A December update had little financial data. It said Getaround is much smaller than Turo. Turo’s model has hosts providing a few cars. Its asset-light business did well post-pandemic when car prices were high.
Turo’s Potential Public Listing
Turo is not on the stock market yet. The company did file for an IPO on the NYSE stock exchange in 2022, but the plans to go public were later shelved. As of October 2023, there are reports that Turo has restarted its plans to go public.
Turo is the world’s largest car sharing marketplace where guests can book any car they want from a community of trusted hosts. Turo first launched in 2010, but there are indications that it plans to go public very soon.