Share “TrueCar anticipates nearly $1B market...”

TrueCar anticipates nearly $1B market valuation

Published on NewsOK Modified: May 5, 2014 at 9:23 am •  Published: May 5, 2014

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 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.

The company has said in its regulatory filings that it has a network of more than 7,000 TrueCar certified dealers and that consumers may take a guaranteed savings certificate to these dealers to apply toward the purchase of the specified car.

TrueCar anticipates using the offering's net proceeds mostly for general corporate purposes, including working capital, operating expenses and capital expenditures. It may also use part of the net proceeds to acquire or invest in complementary technologies, solutions, products, services, businesses or other assets.

In 2013 TrueCar reported about $134 million in revenue, up from approximately $79.9 million a year earlier.

TrueCar is expected to list on the Nasdaq under the "TRUE" ticker symbol.


  1. 1
    This map shows the biggest music festival in Oklahoma, other states
  2. 2
    Bristol Palin Slams Washington State Initiative to Give Free Birth Control to Minors
  3. 3
    Oregon pot stores sell more than $11 million in first 5 days
  4. 4
    Sigourney Weaver turns 66: Then and now
  5. 5
    Not Sucking in Their Seventies: Rock Lifers Go the Distance
+ show more


× Trending business Article