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TrueCar raises $70 million in initial public offering

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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