Monday, March 13, 2017

Carvana Hires IPO Bankers

Phoenix-based online used car retailer Carvana has hired Wells Fargo and BofA Merrill Lynch to lead its upcoming IPO, according to a report over the weekend. The report says that Carvana expects to have a valuation of about $2 billion in an IPO, aimed at the first half of the year. Carvana is best known for its automated, mechanical "car vending machines", which allow its online customers to collect their cars by depositing a giant coin into a slot. The report, from Reuters, cited "people familiar with the matter".