CAMBRIDGE (CBS) - A Cambridge company attracted a bunch of attention on Wall Street as Zipcar launched its initial public offering of stock. The IPO was offered at 18 dollars a share, and gained 56% for the day.
Analyst Josef Dchuster AT IPOX-Schuster of Chicago tells me the whole environment for IPO'S has improved, and Zipcar has a unique story to tell.
WBZ NewsRadio 1030's Anthony Silva reports
Schuster says Zipcar's IPO is comparatively small today as the company raises about 174 million dollars, almost 25% more than what was originally expected.
Another analyst, Scott Sweet, a senior managing partner at IPO Boutique, tells me Zipcar has an almost cult following and they have been strategically located in big cities and universities where its attracted much attention.
Even with the IPO, profits at the young company have been elusive. In the most recent quarter, Zipcar reported a net loss of more than a million dollars, compared to a profit of 1.3 million in the year ago quarter.
Zipcar is being traded on the NASDAQ under the symbol ZIP.
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