Investors Bullish On TrueCar IPO
The IPO for TrueCar (NASDAQ: TRUE) was released on Friday to a bullish response by investors.
The company priced shares at $9, an amount lower then the original $12-$14 price range that was expected. The stock ended up opening at $9.70, with 7.8 million shares in circulation.
After opening at $9.70, the stock has been continuously surging upward, reaching a high of $10.75 then settling back down to the $10.50 range.
Underwriters for the IPO include Goldman Sachs, J.P. Morgan, RBC Capital Markets, Cowen & Company and JMP Securities.
TrueCar, as stated by the comapny, is a "data driven online platform [that] benefit consumers by providing 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."
TrueCar is up 12.78 percent to $10.38 at last check.
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