Shares of Zipcar Inc. are soaring in their market debut after the initial public offering priced better than the company had predicted.
Zipcar shares had priced for $18 a share, above the $14 to $16 projection. That led investment groups who have already been backing the company to cash out more shares than originally planned _ about 3 million shares versus 1.7 million.
Zipcar is selling another 6.7 million shares.
At $18 a share, Zipcar's IPO is be worth nearly $175 million _ about 40 percent more than original predictions. Zipcar would get about $120 million of that, before fees.
Shares of the Cambridge, Mass., company, trading under the ticker ZIP on the Nasdaq Stock Market, are up $10.57, or 59 percent, at $28.57.