Active Turo secondary trading pointing to an imminent IPO?

September 19, 2023

Turo, the world’s largest car-sharing marketplace, recently filed yet another update to its SEC IPO paperwork. As of June 2023, the company has 175,000 active hosts (car owners) and 3.2 million active guests (riders) in over 12,000 cities. It has also been one of the more actively traded issues in the private secondary market over recent years, and has experienced a rare and notable upward trend in pricing in recent months. 

Turo first filed its S-1 with the SEC in January 2022, announcing its interest to go public. However, 2022 market volatility caused the company to pause its IPO plans. Since its filing, Turo has continued to release regular amendments to the document, signalling it has yet to give up plans to go public.  

With this latest filing, Bloomberg reports that Turo has restarted its IPO plans and may finally list as early as next month. Compared to Turo's fundraising in 2020, which valued the company at $1.28B, secondary trading provides a more continual insight into investors’ demand for the company's shares. Considering recent IPO announcements like Klaviyo and Arm, it's reasonable to anticipate that Turo will enter the public markets at a premium to its secondary trading values, especially given the steady financial results evident in Turo's recent S-1 amendment filing.

Turo has traded actively on Hiive, and has experienced a consistent uptrend in share pricing. In September 2022, Turo sellers were accepting bids at $8.50 per share, compared to the current $11.00 per share they were accepting early this month before Turo stopped considering transfer requests. This gradually increasing pricing trend over the past year, in spite of a significant down market in the venture world, reflects a combination of investor confidence in the company’s continued commercial momentum, along with consistently rising expectations for a near-term IPO.

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