Online used car marketplace CarGurus skyrockets in stock market debut
Used auto marketplace site CarGurus came from under the radar to bring home a big payday for investors in its initial public offering on Thursday.
The Boston-based startup’s stock soared as high as 80 percent from an already higher-than-expected base price of $16 before dipping later in the day. By market close, its market cap had reached $3.7 billion.
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The company’s slump-busting success amid a string of disappointing tech IPOs came as a left-field surprise to many in the tech media. While the site’s grown to be the leading