CarGurus is now officially a publicly traded company. The online automotive marketplace announced pricing on an initial public offering of 9.4 million shares of its Class A common stock on Wednesday ($16.00 per share before underwriting discounts), and then on Thursday, the shares began trading on the Nasdaq Global Select Market.
The company is issuing and selling 2.5 million shares of Class A common stock; the remaining 6.9 million are being sold by selling stockholders, the company said in a news release. CarGurus expects the offering to close Monday.
The shares are trading under the symbol CARG.
The company tweeted this photo of its leadership ringing the opening bell
— CarGurus (@CarGurus) October 12, 2017
“Today is a significant milestone for CarGurus that reflects the hard work of the entire CarGurus team as well as the support and enthusiasm we’ve had from our consumers, dealers, partners and investors over the years. Our mission to build the world’s most trusted and transparent online automotive marketplace continues, and we’re excited to enter this new chapter,” CarGurus founder and chief executive Langley Steinert said in a statement.
“The CarGurus team remains dedicated to serving our customers and delivering unbiased transparency that enables shoppers to easily find great deals from top-rated dealers,” Steinert said.
Chief operating officer Sam Zales added: “CarGurus is now the number one most visited online automotive marketplace in the United States. We’re delivering a highly effective consumer acquisition channel for dealers with attractive returns on their marketing spend. This new phase will bring further innovation in our products and services to continue to help our dealer customers grow their businesses.”
Auto Remarketing chatted with Zales for an Auto Remarketing Podcast episode in June. Listen to our conversation below.
It has been a big year for players in the online automotive space going public. Cars.com, Carvana and now CarGurus have each rolled IPOs in 2017.
And with CarGurus public, at least four of the major players in its space are now publicly traded (TrueCar, AutoWeb [formerly Autobytel], Cars.com and CarGurus).