Thursday, June 7, 2018

HyreCar Bumps IPO Size

Los Angeles-based HyreCar, which operates a marketplace that connects car owners with drivers for services such as Uber and Lyft, has bumped its IPO size, saying in a filing on Thursday that it is looking to offer 2,100,000 shares of its common stock at between $5.00 and $6.00 per share. The IPO could raise as much as $12.6M for the company. The IPO--which is relatively small as IPOs go--would put HyreCar on the Nasdaq Capital Market trading as HYRE. The company has one, single underwriter for the IPO, Network 1 Financial Securities. The company reported GAAP revenues of $3.2M for the year ended December 31, 2017. Although unusual, there are a number of local early stage companies that have pursued an early public offering rather than pursuing venture capital or private equity investment.

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