HyreCar Inc. is in the car matchmaking business: Would-be ride-sharing drivers lacking the right type of car connect with car owners to rent a vehicle and work for a company such as Lyft Inc. and Uber Technologies Inc.
HyreCar, based in Los Angeles, filed for an initial public offering late Wednesday, seeking to sell up to 2 million shares.
It said it expects the shares to price between $5 and $6 a piece, raising around $9.4 million at the midpoint of the range after fees are excluded. It plans to list on the Nasdaq under the symbol HYRE, and use the proceeds for working capital or general purposes, it said in the filing. Network 1 Financial is the sole underwriter.
“HyreCar is one of the first bolt-on companies to go public,” as its business is built primarily on two of the leading companies in the sharing economy, said Atish Davda, co-founder and Chief Executive of EquityZen, an online marketplace for pre-IPO shares.
“I would not be surprised if they are pursuing a dual-track to potentially seek a sale to one of the platforms. Especially given how small the IPO is, this outcome seems not unrealistic,” he said.