TrueCar (TRUE) IPO Prices at $9, Below Expected Range
- Market Wrap: Fed Firms on Rate Hike; Empire Resorts Gets Big Gaming Win; On Deck Capital Rips on Debut
- Fed Drops 'Considerable Time', Says Can be 'Patient' on Rates
- After-Hours Stock Movers 12/17: (ZAGG) (TTPH) (ORCL) Higher; (MLHR) (KEX) Lower (more...)
- Oracle (ORCL) Reports In-Line Q2 EPS
- Wall Street Looks to Profit from New and Improved Cuba Relations (CUBA) (RCL) (CCL)
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
- Intelligent Systems Corp. (INS) Intends to Explore Strategic Initiatives, Parties Interested in Major Subsidiaries
- Rice Midstream Partners LP (RMP) 25M Common IPO Prices at $16.50/Unit (RICE)
- Exact Sciences (EXAS) to Offer 4M Shares
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!