????沒盈利，沒問題。

????共享式租車服務公司Zipcar首日上市交易大紅大紫，盤中一度較18美元的IPO價飆升70%。至截稿時，該股報28.58美元左右，按此價格計算，這家總部位于馬薩諸塞州劍橋的公司市值已高達11億美元。

????對于一家2010年凈虧損1,400萬美元的公司，這是相當驚人的。顯然，投資者看重公司營業收入的同比增長（去年收入躍增29%至1.86億美元）和積極的現金流。或者，僅僅是因為相信在這個傳統汽車租賃公司均覬覦的、迅速發展的城市產業中，Zipcar是一個急先鋒。

????Zipcar目前擁有約8,500輛汽車，停放于14個大都市和200多家大學的專用停車點。用戶通過互聯網或移動設備辦理租車，然后使用個人的“Zipcard”卡打開車門。用完車后還回同一地點即可。汽油費和保險費都包含在租車費用里。

????根據我日前發布的對Zipcar的競爭對手、另一家汽車共享公司RelayRides首席執行官的采訪，據信Zipcar在其所在的大都市市場的注冊駕駛員中已達到5%-10%的滲透率。

????上市前Zipcar獲得風險投資超過3,800萬美元，募集對象包括Revolution Living（IPO前持股21.45%）、Benchmark Capital（11.9%）、Greylock Partners（6.71%）、Smedvig Capital（5.24%）和Globespan Capital Partners。在這些風險投資公司中，僅Smedvig Capital通過IPO出售了部分股份。其他公司都有180天的禁售期。

????No profits, no problem.

????Car-sharing service Zipcar (ZIP) is having a huge first day on the public markets, with its stock climbing 70% above its $18 per share IPO price at one point. As of last check, the shares were at around $28.58, which puts the Cambridge, Mass.-based company's market cap at a whopping $1.1 billion

????Pretty amazing for a company that booked at $14 million net loss in 2010. Apparently investors are banking on the year-over-year revenue growth (29% leap last year to $186 million) and the company's positive cash flow. Or maybe it's just a belief that Zipcar is at the vanguard of a burgeoning urban industry that incumbant rental companies have struggled to crack.

????For the uninitiated, Zipcar has a fleet of around 8,500 cars spread out in dedicated parking spots over 14 metro markets and more than 200 college campuses. Users rent cars via the Internet or their mobile devices, and then use their personal "Zipcards" to unlock the doors. Just drive and return to the same spot. Both gas and insurance are included in the rental fee.

????According to an interview I posted yesterday with the CEO of rival car-sharing company RelayRides, Zipcar is believed to have penetration of between 5% and 10% of licensed drivers in its metro markets.

????Prior to going public, Zipcar had raised over $38 million in VC funding, from Revolution Living (21.45% pre-IPO stake). Benchmark Capital (11.9%), Greylock Partners (6.71%), Smedvig Capital (5.24%) and Globespan Capital Partners. Of those firms, only Smedvig Capital sold some of its shares via the IPO. The rest will be prevented from selling any shares for the next 180 days.