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Zipcar Inc. this morning set expectations that its pending initial public offering (IPO) will price at $14 to $16 per share, and net $89.2 million for the Cambridge car-sharing company.
Zipcar is offering 6.7 million shares; underwriters, led by Goldman Sachs & Co. and J.P. Morgan, are expected to offer an additional 1.7 million. If it prices at the top of the range, the total offering would come to $133 million.
Zipcar first registered to go public last June, with a $75 million figure on the cover. The company had raised approximately $40 million from venture capital investors, and in December added another $21 million led by Meritech Capital Partners.
Revolution Living, a VC firm founded by AOL founder Steve Case, owns the largest pre-IPO share of Zipcar, with 21.5 percent. Benchmark Capital Partners owns 9 percent. Greylock Partners owns 6.7 percent. Smedvig Capital of Norway owns 5.2 percent.
In 2010, the company reported a $14.1 million loss on $186.1 million in revenue – 41.8 percent top-line growth over 2009.
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