The initial public offering (IPO) for TrueCar Inc. (NASDAQ: TRUE) got off to a rocky start. The stock priced Thursday at $9 a share, well below the expected range of $12 to $14. Shares started trading Friday morning at $9.70 and were up in the noon hour. This was one of our top 10 initial public offerings (IPOs) to watch in 2014.

The online new car sales network sold 7.8 million shares, and at the IPO price the company had a market cap of $747 million and an enterprise value of $648 million.

At the IPO price, net proceeds to TrueCar will be around $71.1 million, if the underwriters of the offering exercise their option on 1.17 million additional shares. Joint managers for the offering are Goldman Sachs, J.P. Morgan and RBC Capital Markets.

TrueCar clams a network of more than 7,700 certified dealers, and the company estimated that its platform accounted for 3.2% of all new car purchases in the United States during the first quarter of this year. Its largest customer is insurance company USAA, which accounts for about 43% of its business. USAA also owns a stake of about 26% in the company.

Shares traded at $10.43 midway through the noon hour, and about 4.5 million shares had already changed hand.

ALSO READ: Weak Consumer Sentiment Reading Drags on Economy

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.