Monday, April 3, 2017

Carvana Files For IPO

Phoenix-based Carvana, the online used car dealer led by Ernie Garcia, III, has filed for an IPO, saying this morning that it is looking to raise up to $100M in an IPO on the New York Stock Exchange. The company says it itends to list as CVNA. The IPO is being underwritten by Wells Fargo Securities, BofA Merrilll Lynch, Citigroup, Deutsche Bank Securities, Baird, William Blair, BMO Capital Markets, and JMP Securities. The company reported a net loss of $93.1M on net sales of $361.1M in 2016; the IPO comes as the company went from a mere $4.6M in sales in 2013 to $41.7M in 2014 and $130M in 2015, an astoundingly fast growth rate for a company.