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Carvana IPO: 4 things to know about the car vending machine company

Yes, Carvana Co. sells real cars out of a vending machine. And it is about to get hundreds of millions of dollars to do more of it.

Carvana CVNA, +0.51% said Friday that it raised $225 million after offering 15 million shares at $15, the midpoint of its targeted price range of $14 to $16. At that price, Carvana now has a fully diluted market cap of $2.1 billion and enterprise value of $1.8 billion.

Carvana has been approved to list on the New York Stock Exchange under the symbol “CVNA.” Wells Fargo Securities, Bank of America Merrill Lynch, Citigroup and Deutsche Bank Securities were the lead underwriters on the offering.

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