Car-sharing service Turo restarts IPO plans for fall

Car-sharing business Turo, which filed paperwork for an initial public offering last year, has restarted its plans to go public and could list shares as early as this fall, according to people familiar with the matter. 

Turo’s investor roadshow could start as early as October, the people said, asking not to be identified because the matter is private. 

The timing could still change and depends on market conditions and how the current crop of IPOs perform such as Arm Holdings Ltd., Instacart Inc. and Klaviyo Inc, the people said. No final decision has been made and its IPO plans could change. 

A representative for Turo didn’t immediately respond to a request for comment. 

Turo, which competes with Getaround Inc., connects car owners with short-term renters, functioning as an Airbnb for cars. By offering short duration trips from a few hours, to multiple days and weeks, Turo also seeks to compete with traditional rental car companies.

Turo’s largest investors include IAC/InterActiveCorp, August Capital, Canaan Partners, G Squared, Shasta Ventures and GV and their affiliates, its filing last year shows.

The company has raised about $500 million, dating back to 2009, according to data provider PitchBook. The company’s last known valuation was $1.2 billion in 2019, according to PitchBook.

The company had worked with banks including Morgan Stanley and JPMorgan Chase & Co. last year, its prospectus showed.