Bengaluru — Shares of CarGurus, an online marketplace connecting buyers and sellers of new and used cars, jumped as much as 84% in their market debut on Thursday, giving the company a market capitalisation of more than $3bn. The company has grown rapidly since it was set up by TripAdvisor co-founder Langley Steinert in 2006, and said in its initial public offering (IPO) filing that it had 61-million average monthly users and 5.4-million car listings in the US as of June 30. The company’s IPO was priced at $16 per share, above the previously outlined $13-$15 range, and raised $150.4m. The stock touched a high $30.19 minutes after it started on Thursday, before easing slightly to trade at $27.90. CarGurus generates revenue from charging subscription fees to its vast network of car dealers who pay to post their inventory on the website, according to the filing. The company reported a 70% jump in total revenue to $143.3m in the six months ended June 30, while net income soared more than...
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