没盈利，没问题。

    共享式租车服务公司Zipcar首日上市交易大红大紫，盘中一度较18美元的IPO价飙升70%。至截稿时，该股报28.58美元左右，按此价格计算，这家总部位于马萨诸塞州剑桥的公司市值已高达11亿美元。

    对于一家2010年净亏损1,400万美元的公司，这是相当惊人的。显然，投资者看重公司营业收入的同比增长（去年收入跃增29%至1.86亿美元）和积极的现金流。或者，仅仅是因为相信在这个传统汽车租赁公司均觊觎的、迅速发展的城市产业中，Zipcar是一个急先锋。

    Zipcar目前拥有约8,500辆汽车，停放于14个大都市和200多家大学的专用停车点。用户通过互联网或移动设备办理租车，然后使用个人的“Zipcard”卡打开车门。用完车后还回同一地点即可。汽油费和保险费都包含在租车费用里。

    根据我日前发布的对Zipcar的竞争对手、另一家汽车共享公司RelayRides首席执行官的采访，据信Zipcar在其所在的大都市市场的注册驾驶员中已达到5%-10%的渗透率。

    上市前Zipcar获得风险投资超过3,800万美元，募集对象包括Revolution Living（IPO前持股21.45%）、Benchmark Capital（11.9%）、Greylock Partners（6.71%）、Smedvig Capital（5.24%）和Globespan Capital Partners。在这些风险投资公司中，仅Smedvig Capital通过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.