Turo IPO: What Happened, and Will it Return?

Will Turo stock begin trading soon? Short answer: No. Turo withdrew its IPO filing in February 2025. 

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Recent Turo News

05/15/2025: Turo and Uber bring peer-to-peer car sharing to Uber Rent 
04/16/2025: Turo Cuts 15% of Workers After Icing IPO
02/13/2025: Turo scraps plans for an IPO
02/13/2025: Turo SEC Letter to Withdraw
Older news…

Bottom Line Upfront (BLUF)

The Turo IPO has been scrapped as of February 2025. According to an SEC filing, the company: 

does not wish to conduct a public offering of securities at this time.

Turo CEO Andre Haddad wrote in an email to TechCrunch that the board “decided now is not the right time for Turo to pursue a public offering.”

A decreasing growth rate may have also impacted the decision. 

Bloomberg reported on September 7th, 2023 that the IPO roadshow could start as early as October 2023, but they paused the deal due to violence in Israel.

We had seen quarterly S-1 filing updates since, but none substantial enough to suggest an IPO was imminent. 

Having initially submitted its S-1 filing in January 2022, its timing could not have been worse. Turo missed the epic IPO window of 2020-2021 and tried to maintain the filing paperwork. 

Turo filed Form S-1 with the Securities and Exchange Commission (SEC) confidentially in August 2021.

Market volatility in 2022 caused IPO volume to crash, prompting Turo not to proceed.

However, the company continued to update its SEC filing instead of withdrawing it until February 2025. 

You can access all of the SEC filings in this article. 

Information provided in the SEC filing indicated the company will offer up to 5% of IPO shares to “eligible” hosts and guests through the Turo Directed Share Program. 

But the program is gone with the withdrawal of the IPO filing. 

About Turo

Turo is the world’s largest car-sharing marketplace. It’s like Airbnb for cars.

The platform enables “hosts” (car owners) to turn their idle cars into income-producing assets by renting them to “guests”.

Guests typically rent cars for excursions, test drives, local day trips, or short-term getaways.

More than 160,000 hosts, 300,000 vehicles, and 2.7 million guests are active on Turo as of late 2022.  

Turo believes it is fueling multiple seismic consumer behavior shifts that represent a long-term opportunity.

1. Entrepreneurs seek income from idle assets 
2. Consumers prefer mobile-first services
3. Cars are expensive, and many consumers don’t want to own them

Originally incorporated as RelayRides in August 2009, the company changed its name to Turo in 2016. 

Turo is based in San Francisco, CA.

Here’s a Turo promotional video highlighting a couple renting a Rivian electric truck for a camping getaway:

Turo IPO Date

The Turo IPO date is currently unknown. After withdrawing its filing, the company’s ambitions remain vague going forward. 

Reporting suggested it might have arrived as early as October 2023.

However, the negative reception of the Birkenstock IPO and the eruption of violence in Israel likely pushed the Turo IPO into the future. 

Decreased growth and possible internal management strategy led to the IPO filing withdrawal. 

I will update this section when news becomes available. 

Valuation

The private Turo valuation is about $2.2 billion as of Q1 2025, according to data from Caplight.

S-1 Filings

Turo has submitted an amended S-1 SEC filings at least five times.

Here’s a link to all Turo SEC filings, or view the latest below.

However, these filings have been withdrawn from the SEC. I am keeping it here for reference. 

Read the Turo S-1 Filing below:

S-1 filings are required reading for IPO investors. Review the filing and all amended versions before proceeding with an investment. 

Accessing Turo Stock Pre-IPO

Now that Turo has canceled its IPO, shares may become more widely available. 

The withdrawal likely frustrated early investors and employees who own stock, and they may look toward pre-IPO investing platforms to liquidate shares. 

Pre-IPO investing platforms offer a secondary market for investing in private companies. 

Prominent pre-IPO platforms, such as Hiive, EquityZen, and Forge Global enable investment for accredited investors.

Interested investors can open a free account with these platforms to monitor availability. However, only accredited investors can participate.

How to Participate in the Turo IPO (if it returns)

Buying IPO stocks as a customer or user of the company’s platform requires close attention to the instructions provided. 

Consider investing in the Turo Directed Share Program as a privilege. You are not entitled to participate, and you have no obligation to participate.

You must follow the instructions provided when the next communication arrives. 

Step 1: Monitor Turo IPO News

The first step is to monitor Turo SEC filings and business news to know when the Turo IPO process is underway.

The initial and amended filings indicate the IPO is on the way, and reporting in September 2023 indicates the deal is imminent. 

Bookmark this page. Monitor recent S-1 filings for updated Turo documentation, or set Google news alerts to be delivered to your inbox. 

Read the latest S-1 filings as soon as possible to determine if you want to invest. 

Step 2: Monitor and Read Emails from Turo

Once the IPO process is in motion, eligible hosts and guests will receive a timely email that details the instructions for investing in the Turo IPO. 

Carefully read the instructions immediately.

If you decide to invest, your accurate compliance with the instructions is crucial. 

Follow the instructions exactly as described, and perform tasks as soon as possible, well before any deadlines.

The process will move fast. You may only have days or hours to decide to participate and comply with instructions.

That’s why you should have already read the S-1 filing and decided whether to invest or not. 

Step 3: Open an Account and Comply with the Instructions

The IPO investing instructions will include opening an account with the administering broker if you still need one. 

Only one broker will likely administer the Directed Share Program.

The most likely brokers to get access are: 

• TradeStation 
• Robinhood
• Morgan Stanley/ETRADE

The instructions will ask how much you want to invest based on the Turo stock price range.

Indicate the investment amount you wish to invest and deposit funds to cover that amount when instructed.

Not timely funding your account may disqualify you from participation. 

Underwriters will disclose the final IPO price the evening before the IPO. If the price is outside of the initial stock price range, investors must reconfirm their intent to invest. 

Step 4: Confirm

When the final IPO price falls outside of the initial price range (above or below), investors must confirm they are still interested in investing in the IPO. 

For example, if the IPO price range is $12-$14, but the final IPO price is $17. Since the price is higher than first expected, the underwriters will ask investors to verify investor intent at the new price.

The administering broker will provide specific instructions on how to confirm your intent to invest. You must complete this request during a brief window, usually the evening before the IPO. 

You must complete this step to receive an allocation. 

Step 5: Receive Shares

If the investor decides to invest and follows the instructions carefully, they will be eligible to receive a share allocation. 

Investors are not entitled to shares, so there is no guarantee you will receive an allocation or the total number of shares requested.

If you receive an allocation, the shares will appear in the account that you opened. Your ability to sell shares upon the stock opening for trading may be limited for a period of time up to one month. 

Once underwriters deposit the shares into the account, you can transfer them elsewhere if desired. 

When the IPO is complete, your shares are the same as those trading on the stock market. 

Frequently Asked Questions (FAQs)

Is Turo Publicly Traded?

No. Turo is not publicly traded yet. It is a private company. 

What is the Turo Stock Price?

There is no public Turo stock price yet. 

The Turo private stock price has hovered just below $20 per share for the past several months ending Q1 2025. Data via Caplight shows trading has slowed, perhaps in anticipation of an IPO. 

Once the IPO process is reignited, the underwriters will determine the Turo stock price as the IPO date approaches.

Underwriters gauge investor demand and release a stock price range in an amended S-1 filing leading up to the IPO.

Investors can use the range to determine investment suitability. 

The night before the Turo IPO, the underwriters will finalize the Turo IPO price, and the stock will open for trading the next day.

What is the Turo Stock Symbol?

Turo is private. 

The Turo stock symbol would have been TURO if it had proceeded with its IPO, as indicated in filings. The company’s future is now uncertain.

Should Hosts and Guests Participate in the Turo IPO?

Companies that thrive due to loyal customers sometimes offer IPO shares as a thank-you. 

Airbnb, Uber, and Robinhood have done this in the past. 

Investing in the Turo IPO as a host or guest is a personal decision. Refrain from relying on investment gurus or social media to make your decision. 

Hosts and guests know the Turo platform better than most Wall Street investors. Therefore, hosts and guests may have a leg up on most analysts.

You know how the platform works and the growth potential of car sharing. 

Read the S-1 filing thoroughly to understand the financials and risks. Avoid overpriced IPOs.

But also use your experience with the company as a determining factor. 

I do not recommend trading IPOs.

But if you have at least a three to five-year investment horizon and believe that Turo stock has the potential to keep growing, consider the investment against your specific investment objectives. 

Only invest money in the Turo IPO you can afford to lose.

Turo Directed Share Program

If Turo had moved forward with its IPO in 2025, it was offering a directed share program to hosts. Read below to learn more. However, this plan has been withdrawn. 

Information provided in the SEC filing indicates the company will offer up to 5% of IPO shares to “eligible” hosts and guests through a Turo Directed Share Program. 

It appears guests will no longer be eligible. 

That means hosts might have a chance to invest in the IPO by acquiring shares the evening before the IPO and participating in any gains or losses during the first day of trading.

Here is the exact wording quoted from the August 2024 SEC S-1 filing. As the IPO approaches, underwriters will update the filing with more specific information. 

At our request, the underwriters have reserved up to 5% of the shares offered by this prospectus for sale at the initial public offering price through a directed share program to eligible hosts on our platform and certain individuals identified by our officers and directors. Eligible hosts consist of hosts who have met the performance criteria to become All-Star Hosts, reside in the United States, the United Kingdom, Australia, or France, and had, between [TBD] and , [TBD] completed at least one trip as a host, and as of , had at least 95% of rated trips earn five stars. Hosts in the United Kingdom, Australia, and France must also meet certain earnings thresholds over the same time period to be eligible. See the section titled “Underwriters — Directed share program.”

The following passage was in the December 2022 filing but removed from the September 2023 filing: 

Eligible guests consist of guests who have met the criteria for our Insider Rewards program, reside in the United States, and had, between [TBD] and [TBD], completed a trip as a guest.

The offering of a Directed Share Program is not an entitlement. Eligible hosts and guests may be able to participate, but a share allocation is not guaranteed. 

Turo News Archive

01/03/2025: Turo CEO: Attackers had clean records
01/02/2025: NYT: Car Rental App Turo Grew Quietly
09/05/2024: Uber and Turo announce partnership
03/08/2024: Turo is still ready for an IPO, but growth cratered
09/08/2023: Turo Amends S-1 IPO Filing
09/07/2023: Car-Sharing Service Turo Restarts IPO Plans for Fall
06/13/2023: TC: Turo’s Q1 2023 results indicate IPO not near
06/09/2023: Turo S-1 Filing Updated (again)
06/08/2023: Uber Will Let You Rent Out Your Car

Featured photo courtesy of Turo.