CarGurus Inc. said late Wednesday it was pricing shares of its initial public offering above its previously stated range. The company, which uses algorithms and data analytics to find users deals on new and used cars, said it would price 9.4 million shares at $16 apiece for trading under the ticker “CARG” on the Nasdaq on Thursday. The company had said in late September that shares would be priced in the $13 to $15 range. CarGurus is selling 2.5 million shares, while existing shareholders are selling 6.9 million. Underwriters have an option for 1.4 million additional shares to cover overallotments. Earlier in September, CarGurus filed for its IPO with the Securities and Exchange Commission.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News