Carvana (CVNA) IPO Opens 10% Lower

Today's IPO for Carvana Co. (NYSE: CVNA) opened for trading at $13.50 after pricing its initial public offering of 15,000,000 shares of its Class A common stock at a price to the public of $15.00 per share.

Carvana has granted the underwriters a 30-day option to purchase up to 2,250,000 additional shares of Class A common stock.

Wells Fargo Securities, LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C., BMO Capital Markets Corp. and JMP Securities LLC are acting as co-managers.

Carvana is a leading eCommerce platform for buying used cars. Carvana is transforming the used car buying experience by giving consumers what they want – a wide selection, great value and quality, transparent pricing and a simple, no pressure transaction. Each element of the Company’s business, from inventory procurement to fulfillment and overall ease of the online transaction, has been built for this singular purpose.

You May Also Be Interested In