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TrueCar raises $70 million in IPO, shares rise 12% after trading debut
TrueCar raises $70 million in IPO, shares rise 12% after trading debut

Auto-buying website TrueCar Inc. rose in its trading debut after it raised $70 million in an initial public offering. TrueCar gained 12% to $10.06 at the close of trading Friday. The Santa Monica company, which provides pricing and vehicle data for consumers and helps car dealers find customers, sold 7.78 million shares Thursday for $9 each, according to data compiled by Bloomberg, after offering them for $12 to $14. "I'm glad we're out and I think it does underscore that the fundamentals of the business are just really strong," Chief Executive Scott Painter said. Given "choppy" Nasdaq conditions this year, the lower-than-anticipated listing price...

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