Photo credit: Carvana

Used car retailer Carvana has announced a proposal to sell 5 million shares of Class A common stock to shareholders in order to raise funds for its operations. As a public company, Carvana currently (as of writing) trades at about $99 apiece, entailing that the sale of 5 million shares at this point would reap about $495 million before fees and other underwriting expenses for the company. Carvana says that it intends to use the proceeds from the offering for general corporate purposes and may also use a portion of it to pay down debt.

Investment banks Citigroup and Wells Fargo Securities are handling the share offering for Carvana.