Talk about FAST MONEY!! CarGurus and its stockholders raised about $150.4 million in the company’s initial public offering, marking the Boston area’s first tech IPO of 2017. The Cambridge, MA-based software firm is expected to begin trading on the Nasdaq stock exchange Thursday under the ticker symbol “CARG.”

CarGurus, which runs an online marketplace for buying and selling new and used cars, sold 9.4 million Class A shares for $16 apiece, according to a press release. (Technically, the company is selling 2.5 million shares and existing stockholders are selling 6.9 million shares. The IPO underwriters have a 30-day option to purchase an additional 1.41 million shares.) The $16 price was above the company’s earlier plan to sell shares at $13 to $15 per share, according to SEC filings.

The CarGurus IPO is notable for a few reasons. In an era when many software companies burn through truckloads of venture capital without finding a path to profits, 11-year-old CarGurus has built a profitable business, and it funded itself for the first eight years with just $5 million in outside capital. (It has since pulled in at least $128 million from private investors, including T. Rowe Price Associates, Fidelity Brokerage Services, Winslow Capital Management, and Foxhaven Asset Management, SEC filings show.)

CarGurus generated $198.1 million in revenue last year—more than double its 2015 revenue of $98.6 million. In the first half of this year, it turned an $8.5 million profit on $143.3 million in revenue. The company employs over 500 people, according to SEC filings.

Boston isn’t known for producing big consumer tech companies—with a few notable exceptions. CarGurus CEO Langley Steinert has played key roles in two of them. He founded CarGurus in 2006, and before that, he co-founded TripAdvisor, which is also publicly traded.

Steinert is the largest CarGurus shareholder, and earlier SEC filings indicated he would still control an estimated 53 percent of the voting power of the company’s outstanding stock after the IPO.

The stock is up 75% at 250pm.

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