NEW YORK (AP) — TrueCar, a provider of localized information on new car costs, anticipates a nearly $1 billion market valuation in its initial public offering.
The Santa Monica, California-based company — which had been called Zag.com Inc. — is seeking to raise up to approximately $109 million from its IPO, when excluding the underwriters' option.
TrueCar Inc. said in a regulatory filing that the IPO will include approximately 7.8 million shares that will be priced between $12 and $14 per share.
The underwriters have the option to buy up to an additional 1.2 million shares.
The company expects about 71 million outstanding shares after the offering.
Through its website, TrueCar provides consumers with information on what others have actually paid for specific makes and models of cars sold in their area. It also gives estimated prices for the make and model, where available. TrueCar currently concentrates mostly on new cars.