CarGurus Inc., an online market place for both used and new cars that operates in the U.S., Canada, Germany, and the UK, made its debut in the stock market on Thursday.
The Massachusetts-based company’s IPO was priced at $16 per share in the 9.4 million Class A share offering.
Previously the outlined range had been $13 to $15.
In its first day of trading, the stock hit $30.19 just minutes in, soaring over 80%.
According to the company’s IPO filing, it had 61 million average monthly users and 5.4 million car listings in the U.S. as of June 30th. The company has an active dealer network with over 40,000 as of June 30th.
CarGurus had reported a 70 percent increase in total revenue to $143.3 million in the six months ended June 30. Net income was reported as $8.6 million.
Disclaimer: We have no position in CarGurus (NASDAQ: CARG) and have not been compensated for this article.