Investors Bullish On TrueCar IPO

On Friday the IPO for TrueCar TRUE was released 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 continously 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 and 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.