US: Peer-to-peer RV rental marketplace RVnGO has confidentially filed to go public via an initial public offering [IPO].
The Scottsdale-based company has said that the number of shares of its Class A common stock and the price range for the proposed IPO are still to be determined.
It is believed that the IPO will be able to progress once RVnGO receives the necessary approval from the US Securities and Exchange Commission, through which the company submitted its draft registration statement.
Founded in 2015, RVnGO allows users to buy, rent or sell recreational vehicles without transaction fees. After coming out of beta in late 2016, the company is setting out to innovate the RV rental experience and bring together friends and families for new experiences and lasting memories.
Claiming that more than nine million recreational vehicles sit unused 95 per cent of the year in the United States, RVnGO reported 50 times growth overall and two times growth month-on-month throughout 2020 and 2021.
Last September, it was revealed that rival rental marketplace Outdoorsy was exploring the possibility of going public via an IPO, having initially held advanced merger discussions with special purpose acquisition companies [SPACs] before that. Ultimately, however, the Austin-based startup decided to raise its own funds, securing $120 million in equity and debt financing last June.
Bloomberg sources reported that Outdoorsy was working with Goldman Sachs Group on a potential filing that could help the startup achieve a valuation of more than $1 billion.