Daimler-backed car-sharing market Turo Inc. confidentially filed paperwork with regulators on Monday for a U.S. preliminary public providing, looking for to make the most of the nation’s red-hot capital markets.

The corporate’s platform permits automobile house owners in 5,500 cities throughout the US, Canada and the U.Okay. to hire out their autos. It has over 450,000 listed automobiles starting from pickup vans and minivans to luxurious choices akin to Lamborghini, Rolls-Royce and Porsche autos.

A number of different venture-funded corporations within the car house, together with SoftBank-backed Full Truck Alliance and self-driving truck startup TuSimple Holdings, have additionally gone public this 12 months.

Firms sometimes file IPO paperwork confidentially to kind out any potential points of their monetary reporting with regulators behind closed doorways. It additionally permits corporations to protect their funds from rivals for an extended time.

Turo’s enterprise boomed throughout COVID-19 lockdowns final 12 months as individuals most well-liked automobile leases over public transportation and air journey. Now, as pandemic-related restrictions ease, it’s benefiting from pent-up demand for journey.

The corporate, which is led by former eBay Inc. govt Andre Haddad, raised $92 million in 2017 in a funding spherical co-led by Daimler and South Korea’s SK Holdings.

Turo’s different backers embody Alphabet Inc.’s enterprise capital arm GV, and IAC – the web media firm from which Match.com and OkCupid have been spun off.