CarGurus (CARG) IPO Opens Up 81% Higher

Today's IPO for CarGurus, Inc. (NASDAQ: CARG) opened for trading at after pricing 9,400,000 shares of its Class A common stock at a public offering price of $16.00 per share, before underwriting discounts. CarGurus is issuing and selling 2,500,000 shares of Class A common stock and the selling stockholders are selling an additional 6,900,000 shares of Class A common stock. In addition,

CarGurus and the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,410,000 shares of Class A common stock at the initial public offering price less underwriting discounts and commissions.

Goldman Sachs & Co. LLC and Allen & Company LLC are acting as joint lead book-running managers. RBC Capital Markets, LLC is also acting as a joint-book running manager. JMP Securities LLC, Raymond James, and William Blair & Company, L.L.C. are acting as co-manage.

Founded in 2006 by Langley Steinert, co-founder of TripAdvisor, CarGurus is a global, online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find “Great Deals From Great Dealers.” In addition to the United States, CarGurus operates online marketplaces in Canada, the United Kingdom and Germany.

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