Turo, a car-sharing business that previously filed for an initial public offering, has resumed its plans to go public and may list its shares as early as this fall, as per sources familiar with the matter.
According to the sources, Turo’s investor roadshow could begin as early as October, though this timing is subject to change depending on market conditions and the performance of other recent IPOs such as Arm Holdings Ltd., Instacart Inc., and Klaviyo Inc. The final decision regarding the IPO plans has not yet been made.
A representative for Turo has not yet commented on the matter.
Turo, which competes with Getaround Inc., functions as an Airbnb for cars by connecting car owners with short-term renters. In addition to traditional rental car companies, Turo also aims to compete with its offering of short duration trips ranging from a few hours to several days or weeks.
According to its filing last year, Turo’s largest investors include IAC/InterActiveCorp, August Capital, Canaan Partners, G Squared, Shasta Ventures, GV, and their affiliates.
PitchBook data shows that Turo has raised approximately $500 million since its establishment in 2009. The company was valued at $1.2 billion in 2019, according to PitchBook.
In its prospectus, the company revealed its previous collaborations with banks such as Morgan Stanley and JPMorgan Chase & Co.
