Vancouver, British Columbia--(Newsfile Corp. - May 21, 2014) - TrueCar Inc. (NASDAQ: TRUE) is one of the latest new listings on the Nasdaq Global Select Market, and is trading under the symbol "TRUE". The company completed an IPO of 7,775,000 common shares, priced at $9.00, raising gross proceeds of approximately $70 million.
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Goldman, Sachs & Co., J. P. Morgan Securities LLC, and RBC Capital Markets LLC acted as joint book-running managers, with Cowen & Company LLC and JMP Securities LLC acting as co-managers for the offering.
Founded in 2005 and based in Santa Monica, California, TrueCar provides consumers with information related to what others have paid for a make and model of car in their area and, where available, estimated prices for that make and model of car. This upfront pricing information generally includes guaranteed savings off the manufactures suggested retail price, which the consumer may then take to the dealer in the form of a Guaranteed Savings Certificate and apply toward the purchase of the specified make and model of car.
The company's national network of over 7,000 TrueCar Certified Dealers consists primarily of new car franchises, representing all major makes of cars, as well as independent dealers.
TrueCar was a portfolio company within the Keating Capital closed-end fund (NASDAQ: KIPO), which specializes in making pre-IPO investments in emerging growth companies, continues to hold 377,358 shares of TrueCar, which have a value of approximately $3.4 million.
Timothy J. Keating, CEO of Keating Capital stated, "TrueCar priced their IPO in a market environment that has been choppy for emerging growth companies and new issuers alike. Despite these market conditions, we believe that TrueCar has a very strong management team and a compelling value proposition for both consumers and auto dealers. We remain confident that the public markets will appropriately recognize TrueCar as it executes its business plan and achieves key operating milestones over time."
For more information, please visit the company's website www.truecar.com.
The company's investor relations is handled by Margie Blackwell at Keating Capital, who can be reached at 720-889-0133 or by email at mb@keatinginvestments.com.
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