Turo IPO: Latest Updates on TURO Stock
The Turo IPO is coming to the market. The peer-to-peer car-sharing company just filed to make its public debut under the ticker TURO. Let’s break down the filing details…
Turo IPO: About the Company
Turo is one of the world’s largest car-sharing marketplaces. It offers peer-to-peer lending services for vehicles. A host can create a listing for vehicles, adjust their availability and change their prices based on demand. Then, through the platform, guests can book any car they want, whenever and wherever they want it, from a community of hosts. For example, guests can search by location, type, price, use case and other categories to locate vehicles based on their requirements. Think of it like Airbnb… for cars.
The company’s mission is to put the world’s 1.5 billion cars to better use. Moreover, it’s a win-win situation for both parties. Rental users have access to a “variety of use cases — from the minivan for the family road trip, to the convertible for the long-awaited beach getaway, or a simple vehicle for escaping the city grind,” according to the filing. Moreover, short-term rentals at affordable prices are important since supply chain problems are driving up rental car prices. At the same time, hosts can also cut their ownership costs by renting them out short-term.
As of September 30, 2021, the company boasts 85,000 active hosts and 160,000 active vehicle listings in over 7,500 cities. Moreover, guests can choose from over 1,300 makes and models of cars.
The company’s recent Turo IPO filing relieved that its primary markets are the United States, the United Kingdom and Canada. According to the filing, the company has 1.3 million active guests participating in its marketplace. However, the company’s filing revealed a lot of growth potential. Specifically, Turo’s filing revealed a large addressable market. So, let’s look at the details…
Turo Capitalizing on Large Market Opportunity
Drilling into the filing, the company said that it is “pioneering a new category of transportation.” It’s no secret that cars are the preferred method of transportation. However, Turo highlights that peer-to-peer sharing of the vehicles offers a convenient, cheap and “environmentally and socially responsible” approach to driving. With the increasing push toward sustainability, Turo could take off for environmentally conscious investors.
In the filing, Turo noted a massive market opportunity. According to the U.S. Bureau of Labor Statistics, households in the United States alone spent nearly $11,000 annually on pre-pandemic mobility needs. The company outlined a serviceable addressable market worth $146 billion. In addition, the company estimates the total addressable market could be worth as much as $230 billion across a wider geography long-term. This includes market opportunities from countries in Europe, Latin America, the Middle East, Australia and South Africa.
Turo’s addressable market is worth billions. So, how much can the company raise? Let’s break down the Turo IPO financial details…
Turo IPO Financial Information
Detailed financial information is in the Turo IPO prospectus, allowing you to gain more insight into the company’s finances. Furthermore, if you’re in the market for TURO stock, let’s look at the details.
Turo highlights some key information for investors. The company’s profit and loss statement and balance sheet data are as follows…
Net Revenue: Turo reported growing net revenue. The company reported $142 million in net revenue in 2019. In 2020, revenue rose to $150 million. Moreover, revenue skyrocketed to $331 million for the nine months ended September 2021.
Net Income (Loss): Turo has reported increased losses recently. For the year ended December 2020, Turo recorded $97 million in net losses. Moreover, losses increased to $129 million for the nine months ended September 30, 2021. The company warned about increased losses in the future, saying…
We have a history of net losses in all years since our inception, anticipate increasing our operating expenses in the future, and may not achieve or maintain profitability in the future.
Loss from Operations: Turo’s operating losses have narrowed. The company recorded $105 million in operating losses in 2019 and $56 million in 2020. Turo reported $47 million for the nine months ended September 2021.
Cash: Turo’s cash flows have grown. The company recorded $188 million in cash as of 2019. Turo’s cash decreased to $145 million in 2020. However, the company made a comeback with $263 million in cash as of September 2021.
The company announced it will list under the ticker TURO. Here are the filing details…
Turo IPO Filing Details
Turo began its public debut process confidentially in August 2021. However, the S-1 document just became available to the public.
The company will list on the New York Stock Exchange (NYSE) under the ticker TURO. However, the company didn’t disclose its IPO date, price range or offer shares. Renaissance Capital estimated that the Turo IPO would raise around $300 million.
The company plans for the IPO to take place sometime in 2022. So, investors should start preparing to invest in TURO stock. You can learn more about the IPO process in this step-by-step guide to going public.
JP Morgan and Morgan Stanley are leading the offering.
In addition, the company’s hosts and guests could get a chance to take part in the Turo IPO. Highlighted in the prospectus, Turo plans to reserve up to 5% of shares to be sold. This is eligible to hosts and guests who meet certain conditions, under what’s known as a directed-share program.
The Turo IPO hasn’t hit the market yet. However, stay tuned for the latest updates on TURO stock on this page.
As always, make sure to research before you invest. IPOs can be volatile for the first few months and share prices are constantly changing. Furthermore, if IPO investing interests you, check out our top recent IPOs and our IPO calendar. We update the calendar daily to give you the latest news on upcoming and filed IPOs.