Credit: Shutterstock photoTrueCar, which operates an online platform allowing consumers to get guaranteed pricing on new cars, raised $70 million by offering 7.8 million shares at $9, below the $12 to $14 range. At its offer price, the company raised 31% less proceeds than initially planned and now commands a fully diluted market cap of $747 million and an enterprise value of $648 million. TrueCar's CEO has indicated an interest in purchasing $1.5 million of the offering (2% of the deal size). TrueCar will list on the NASDAQ under the symbol TRUE. Goldman Sachs, JP Morgan and RBC Capital Markets acted as joint bookrunners on the deal.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
