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.

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 marketplace of its kind in the country, its lack of venture capital backing (CarGurus hasn’t raised funding in a decade) and its geographic distance from Silicon Valley and New York may have kept its profile low. Read more…

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