TrueCar (TRUE) IPO Prices at $9, Below Expected Range
- Market Wrap: Morgan Stanley Issues Solid Q1 'Beat'; Prologis Enters Large Real Estate Deal; ForceField Energy Founder Exits
- IBM (IBM) Tops Q1 EPS Views
- After-Hours Stock Movers 04/20: (LRCX) (FTNT) (LJPC) Higher; (SANM) (UCTT) (PKG) Lower (more...)
- Prologis (PLD) to Acquire KTR Capital's Real Estate Portfolio in $5.9B Deal
- Rambus (RMBS) Tops Q1 EPS by 8c; Guides Q2 Revenue Below Expecations
TrueCar (Nasdaq: TRUE) announced the pricing of its initial public offering of 7,775,000 shares of its common stock at a price to the public of $9 per share, below the expected $12-$14 range. The shares are expected to begin trading on the NASDAQ Global Select Market today under the symbol "TRUE."
Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering. RBC Capital Markets, LLC is also acting as a book-running manager. Cowen and Company, LLC and JMP Securities LLC are acting as co-managers.
TrueCar's mission is to transform the car-buying experience for consumers and the way that dealers attract customers and sell cars. The company has established an intelligent, data-driven online platform operating on a common technology infrastructure, powered by proprietary data and analytics.
During 2013, TrueCar generated revenues of $134.0 million and recorded a net loss of $25.1 million. Of the $134.0 million in revenues, 89% consisted of transaction revenues with the remaining 11% derived primarily from the sale of data and consulting services to the automotive and financial services industries. During the three months ended March 31, 2014, TrueCar generated revenues of $43.9 million and recorded a net loss of $9.9 million. Of the $43.9 million in revenues, 91% consisted of transaction revenues with the remaining 9% derived primarily from the sale of data and consulting services to the automotive and financial services industries. Transaction revenues primarily consist of fees paid to us by their network of TrueCar Certified Dealers under our pay-for-performance business model where they generally earn a fee only when a TrueCar user purchases a car from them.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ForceField Energy (FNRG) Ex-Charman Said to Be Charged with Securities Fraud Conspiracy - Bloomberg
- NephroGenex (NRX) Files $34.5M Common Shelf
- Notable Analyst Rating Changes 4/16: (COH) (INTC) (LOW) Upgraded; (AGCO) (NOK) (TRQ) Downgraded
Create E-mail Alert Related CategoriesIPOs
Related EntitiesJPMorgan, RBC Capital, JMP Securities, Cowen & Co, IPO
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!