Is Turo an IPO?
On January 10, 2022 – Daimler-AG-backed "Airbnb on wheels", peer-to-peer car sharing marketplace Turo Inc made public its filing for a US Initial Public Offering (IPO) and disclosed its finances, revealing a 207% revenue surge. It will be the first "big" IPO in 2022!
|Car sharing||2009||San Francisco, US||$ 1B|
Here’s what you need to know:
- What is an IPO?
- What is Turo?
- How to buy Turo IPO stock? – detailed instructions.
- Turo IPO details – Turo IPO date, price etc.
- What brokers provide access to the Turo IPO?
What is an IPO?
When a private company or a startup first sells its shares to the general public, this process is known as an Initial Public Offering (IPO). An IPO means that a company's ownership is transferred from private ownership to public ownership. That is why the IPO process is called "going public".
Why go public? The primary benefit of going public is easier access to capital, but there are more reasons for that. If you want to learn more - here we answered frequently asked questions about IPOs in simple terms.
What is Turo?
Turo is a company that operates an online car rental marketplace. It enables local car owners to list their cars and travelers to rent them for local pickup, city delivery, and airport delivery.
Business Details and Financials Before Turo IPO
Turo has created an online platform where car owners interact with tenants in the same way Airbnb works with real estate. That is, any car owner can register their car on the company's platform and rent it out for a few hours, days or weeks. As of September 30, 2021, the company had more than 85,000 active hosts, more than 160,000 vehicles, and 1.3 million active renters in more than 7,500 cities in the US, Canada and the UK.
The company estimates its addressable market at $230bn, subject to expansion in continental Europe, Latin America, the Middle East and other parts of the world.
Turo's revenues grew 6% in 2020 and accelerated to 207% in the first nine months of 2021. EBIT margin in 2019 was -74%, improved to -39% in 2020 and reached -37% in the first nine months of 2021. At the end of the third quarter last year, the company had $262.8m cash on hand and no debt on its balance sheet.
Turo Prospectus SEC S-1 form
Details From Turo’s S-1 Filing
Turo estimates its current serviceable addressable market to be $146 billion and its total addressable market to be $230 billion.
“We estimate that our $230 billion TAM includes $134 billion in North America, $65 billion in Europe, and $31 billion in the rest of the world (which consists of selected countries in which we believe we have a medium- to long-term opportunity to onboard hosts),” according to the filing.
Notably, the company appears to be ready to expand its operations within its home U.S. market as well as internationally. It also is ready to make some strategic acquisitions and partnerships “to offer our hosts and guests services and features that we do not currently offer in-house.”
Turo's top competitors include – Silvercar, Avis Budget Group, Getaround, Fox Rent A Car and National Car Rental.
Is Turo Stock Publicly Traded?
Turo is a privately owned company before the IPO is completed. It belongs to founders, early investors (venture capital firms), and some employees.
But when the status changes to Completed in the calendar here, the company will become public.
Turo's Key People
Turo's Key People are:
- Andre Haddad – Chief Executive Officer, Director
- Michelle Fang – Chief Legal Officer
- Avinash Gangadharan – Chief Technology Officer
- Andrew Mok – Chief Marketing Officer
- Ned Sizer – Chief Financial Officer
Turo pre-IPO Investors
Turo's top pre-IPO investors include Jacques-Antoine Granjon, Kleiner Perkins, Trinity Ventures, SharesPost Investment Management, Shasta Ventures, Canaan Partners, August Capital, IAC, Lisa Gansky, Expansion Venture Capital, American Express, Webb Investment Network, MassChallenge, Sumitomo Ventures, Daimler, Joey Levin, GV, Founders Circle Capital, Liberty Mutual Strategic Ventures, Maniv Mobility, SK Holdings, Allen & Company LLC, Manhattan Venture Partners.
Turo has raised $473.4 m in total funding across 8 funding rounds for a $1 b valuation.
How to Participate in Turo IPO Before Shares Hit the Public Market
In the past, Initial Public Offerings as a profitable investment type were only available to big funds or elite customers of major brokerage firms or banks and it was hard (almost impossible) for retail investors to gain access to IPOs. You couldn't buy shares paying the price set by the company and you had to wait until the shares actually start trading on the public stock market.
Luckily, technologies and marketplaces changed the rules of the game, now average investors can participate in IPOs. Brokers adjusted accordingly, making access to IPOs more affordable now.
Step-by-Step Guide How to Buy Turo IPO Stock at Its Offer Price
- Check the Turo IPO details. Always Do Your Own Research (DYOR) for the company that is going for IPO first.
- Find a broker. You need a broker that can provide you access to the IPO. You can use our tool attached below that helps to match investors with available IPO brokers in your area. Just click "FIND IPO BROKERS" button below to see brokers that offer access to Turo IPO.
- Check eligibility criteria. Each broker has its own eligibility criteria, like account minimum which can vary widely.
- Create trading account. For KYC you need to prepare your identity document (valid passport or driving license) and a document confirming the address of residence (utility bill). Note, this procedure may take 1-3 days as it's better to prepare your account in advance.
- Deposit your account. To participate in an IPO, your account must have available funds in the amount you send IPO application for. Note, this procedure may take 1-3 days as it's better to prepare your account in advance.
- Request Turo shares. Assuming you meet the requirements for participating in this IPO, your next step will be to request a certain number of shares in the IPO. Note, you may not be allocated all the IPO shares you offer to buy.
- Wait for allocation. The actual number of stocks purchased during an IPO depends on supply and demand. The higher underwriter reserves the right to partial execution of collective applications. So if the demand is high you may get less than you applied for. Of course, you will only pay for the shares purchased. The rest of the funds will be returned to your account.
Note: Many IPO purchases come with a lock-up period, usually 90 or 180 days. You will not be able to sell your shares until this period expires.
What Brokers Offer Access to Turo IPO?
Just click the button below to check the list of available IPO brokers that can provide access to Turo IPO.
🆕 UPD Jan 31, 2022 - Freedom Finance confirmed Turo inc IPO, it's available to apply now.
How to Invest After Turo IPO at Its Opening Price
The most conservative way to buy Turo stock would be to wait for the IPO and buy the shares on the public stock market. You can do this through the same brokers that provide access to IPOs or a trading app. Most of them have a stock trading functionality. Though, you won’t get in at the low price offered by pre-IPO.
How is Turo going public?
Turo announced it will go public via a traditional initial public offering, or IPO. No SPACs here.
Turo IPO Underwriters
Turo IPO underwriters are Morgan Stanley, J.P. Morgan, Allen & Co, Citigroup.
When will be the Turo IPO date?
Estimated Turo IPO date is May 15, 2022 (ETA)
What will be the Turo IPO price?
Turo IPO price range will be published here when the information is available. Stay tuned!
How many Turo shares will be available for its IPO?
Turo's number of shares will be published here when the information is available Stay tuned!
What stock exchange will Turo trade on?
Turo will be traded on NYSE.
What Is the Turo Stock Ticker Symbol?
Turo stock ticker symbol will be TURO
Turo IPO news and updates:
- Car-sharing startup Turo has filed confidentially for an IPO
- Porsche Drive and Turo collaborate to bring the ultimate Taycan experience to Montréal this month
- Instead Of Fixing The LEAF’s Problems, Nissan’s New Owners Now Get $350 In Turo Credits
- Car-rental app Turo aims to list shares publicly in 2021, report says