Zipcar Files For An IPO (GS, JPM)

Car sharing and rental service provider Zipcar has filed an S-1 with the SEC for an IPO of common stock. Zipcar, which is known for its technology driven service, is reported to be targeting an IPO in the range of $75 million. The issue will be handled by Goldman Sachs GS and J.P. Morgan JPM, and the proceeds will be used to pay off debts, and general corporate purposes. According to TechCrunch, Zipcar has reported losses for the last few years, and acknowledges that profits may not be possible even by 2011. The company is reported to be looking for acquisitions in the car rental space.