The company that sells cars from a giant vending machine has filed for an IPO
Thomson Reuters
The online car dealership is looking to raise $100 million, according to an SEC filing, though that could change. Carvana has hired Wells Fargo, Bank of America, Citigroup, and Deutsche Bank to lead the IPO.
Carvana sells cars online that customers can either pick up or have delivered directly to their house. Those who choose the former can retrieve the car from a giant, five-story vending machine that's located in cities like Austin, Dallas, and Nashville.
Carvana reported revenue of $130.4 million in 2015 and $365 million in revenue in 2016, according to the SEC filing. It reported a net loss of $93.1 million last year.
This story is developing.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- JioCinema introduces new ad-free premium plans starting at ₹29
- Data Analytics for Decision-Making
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024