Shares priced below marketed range, set for trading on the Nasdaq stock market Friday.

By Ben Geier
May 16, 2014

Shares priced below marketed range, set for trading on the Nasdaq stock market Friday.

FORTUNE — Online car buying system TrueCar launches its IPO today, and the initial results probably weren’t what executives wanted.

Shares of the IPO priced at $9 a piece, below the range of $12-14 they were offered for. TrueCar raised $70 million in the stock offering, according to a report from Bloomberg News.

A total of 7.78 million shares were offered as part of the IPO. Bloomberg reported that the pricing indicates a market value of $639 million for the Santa Monica, Calif.-based company.

TrueCar works as a sort of virtual car lot where consumers can see what others have paid fir a particular make and model, then receive offers from dealers. The company says it wants to make buying a car “transparent and anxiety free.”

TrueCar will list its shares on the Nasdaq stock market under the ticker “ TRUE .” Trading is due to begin Friday.

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