TrueCar jumps in its 1st day on the Nasdaq

AP News
Posted: May 16, 2014 11:28 AM

NEW YORK (AP) — TrueCar's stock is surging in its first day as a publicly traded company.

Shares of the provider of localized information on new car costs jumped 76 cents, or 8.4 percent, to $9.76 in Friday trading.

TrueCar Inc.— which had been called Inc. — priced the initial public offering of approximately 7.8 million shares at $9 per share, below the projected range of $12 to $14 per share.

The Santa Monica, California-based company raised about $70.2 million in the offering.

TrueCar's market valuation is approximately $639 million. The company anticipated about 71 million outstanding shares after the offering, according to a recent regulatory filing.

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TrueCar is listed on the Nasdaq under the "TRUE" ticker symbol.

The offering is expected to close on Wednesday.