RVeloCITY Inc., the Phoenix-based recreational vehicle (RV) sharing service which operates under the name RVnGo, announced on Monday its plans for an initial public offering (IPO) on Nasdaq, under the symbol RVGO. The company said it intends to offer 3.33 million shares at an estimated price range of $4 to $5 per share. If successful, the company could raise approximately $15 million, with the assistance of underwriters Bousted Securities and Sutter Securities.
The company is hoping to benefit from increased demand in RV rentals post-pandemic as travelers opt for safer, socially-distanced vacations. According to RVnGo, its platform offers 100,000 vehicles from private owners in North America. Users can book RVs and trailers for trips ranging from short-term weekend getaways to long-term rentals for cross-country trips.
RV rentals experienced a surge in demand during the COVID-19 pandemic with people around the world seeking safe ways to travel while avoiding public transportation and crowded places. RVnGo is poised to capitalise on this trend, offering travelers an affordable and socially-distanced vacation option.
The pandemic caused many people to reconsider their traditional vacation plans and in turn, turned to different types of travel. RV rentals presented a safer alternative for those wishing to avoid crowded areas and public transport, so it’s no surprise that this sector has seen significant growth. By offering a marketplace for private owners to list their RVs, RVnGo provides a unique and cost-effective option for vacationers.
Following the IPO, the company plans to expand its offerings and continue to grow its inventory through strategic partnerships with RV dealerships and rental companies. They believe this approach will enable them to acquire a wider range of vehicles and integrate new customers from the dealerships’ existing customer base.
RVnGo’s marketplace may also help private RV owners who may struggle to rent out their vehicles directly on their own. By offering a central booking platform, RVnGo simplifies the process for renters and provides security to owners, especially those who are new to renting out their RVs.
RVnGo offers its platform in the United States and Canada, competing with other RV sharing services like Outdoorsy and RVshare. However, the company claims that it offers a wider selection of vehicles and a more user-friendly interface than its competitors.
The company was founded by Mike McHugh, who has over 25 years of experience in the internet and software industries. RVnGo’s team consists of experts in RV rentals and online marketplaces, which should help the company attract quality listings and provide a seamless booking process for its users in the coming years.
As more people look for safe ways to travel during the pandemic, it is possible that RV rentals will continue to grow in popularity, providing a sustainable solution for vacationers looking to social distance while exploring new places. RVnGo has positioned itself to take advantage of this trend, and its IPO could help the company expand its offerings and increase its user base, ultimately driving growth and profitability.
In conclusion, RVnGo’s IPO announcement comes at an opportune moment as the company is looking to grow, expand its offerings and inventory, and capitalise on the increased demand for RV rentals post-pandemic. With the right strategies in place, the company is well-positioned to maximise growth opportunities and become a leader in the RV rental space, providing customers with an affordable and fulfilling travel experience.
