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RV rental platform Rvelocity (RVGO) has filed to raise around $10M through an initial public offering.
Rvelocity didn’t indicate in its filing the number or price of the shares to be offered, but indicated in a filing fee schedule that it was looking to offer up to $10M of its stock, with existing shareholders offering up to $5M in additional shares.
The company hopes to list its shares on Nasdaq under the symbol RVGO. Boustead Securities is serving as lead bookrunner.
Based in Arizona, Rvelocity bills itself as the Airbnb of RV rentals. Renters, or “guests,” are able to rent RVs from participating RV owners, or “hosts,” through Rvelocity’s platform www.rvngo.com. The company charges guests a 3% processing fee on transactions. “Hosts” are not charged any fees.
The company has been operating in the red. For the nine-month period ended Aug. 31, Rvelocity reported a net loss of $6.4M on revenue of $314K.
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Image and article originally from seekingalpha.com. Read the original article here.