Turo Scraps Plans for IPO

Touro on Thursday withdrew his plans for IPO, finishing a three -year waiting to bring the online car sharing network to the public market, According to a regulatory submissionS

Touro, which was founded in 2010, allows private car owners to hire their vehicles through the website or the start -up application. Company – sometimes described as Airbnb for cars – publicly submitted in January 2022 for initial public offering but IPO Conditions altered Shortly after. Its growth delayedalso.

Touro’s decision to end my plans for IPO comes just one day after a partner company for sharing GETARND Turn off your US operationsS Like a touro, Getaround begins life as a company supported by the endeavor. Unlike Turo, Getaround made the public market in 2022 by merging with a special goal company.

The tour is still working in the United States – and elsewhere. As of September 2024, the company announced that there were 150,000 active hosts worldwide, with 350,000 active lists of vehicles and 3.5 million active guests. The company also works in Canada, Australia and France.

At the moment, its supreme growth is behind it. The company reported $ 722 million in the nine months September 2024 endedHowever, 8.6% of the same nine -month period in 2023 increased. Similarly, the company has been profitable since 2022 in net income, but as with its revenue, the profits did not recover to the heights reported in 2022.

In other words, the business turned in 2023, then recovered in 2024, but not quite to the levels needed for this IPO dream.