Carvana (CVNA) IPO Opens 10% Lower

Today's IPO for Carvana Co. (NYSE: CVNA) opened for trading at $13.50 after pricing its initial public offering of 15,000,000 shares of its Class A common stock at a price to the public of $15.00 per share.

Carvana has granted the underwriters a 30-day option to purchase up to 2,250,000 additional shares of Class A common stock.

Wells Fargo Securities, LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C., BMO Capital Markets Corp. and JMP Securities LLC are acting as co-managers.

Carvana is a leading eCommerce platform for buying used cars. Carvana is transforming the used car buying experience by giving consumers what they want – a wide selection, great value and quality, transparent pricing and a simple, no pressure transaction. Each element of the Company’s business, from inventory procurement to fulfillment and overall ease of the online transaction, has been built for this singular purpose.

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