TrueCar Inc (NASDAQ:TRUE) has raised $70 million after going public and gaining 12% at the end of its first day as a public company at $10.06 per share. TrueCar priced its IPO at $9 per share.
The final price is a bit under its expected range of $12 to $14 per share. The reason for the price discount is because the CEO of the company believes the company entered the public market at a “choppy” time.
TrueCar launched in 2005 and raised over $280 million since then. TrueCar now has a market cap of around $607 million.