TrueCar, 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.
