TrueCar completes IPO
26/05/2014 17:27
Keating Capital, Inc., a closed-end fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, announced that TrueCar, Inc., a portfolio company, completed the pricing of its initial public offering of 7,775,000 shares of common stock at a price to the public of USD 9 per share on May 15, 2014. The shares began trading on the Nasdaq Global Select Market under the ticker symbol "TRUE" on May 16, 2014. Goldman, Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets, LLC acted as joint book-running managers for the offering. Cowen & Company, LLC and JMP Securities, LLC acted as co-managers for the offering. Founded in 2005 and based in Santa Monica, California, TrueCar empowers car buyers by giving them transparent insight into what others actually paid, upfront pricing info, a guaranteed savings certificate, and a connection to a trusted TrueCar Certified Dealer to seamlessly complete the car purchase. On September 26, 2011, Keating Capital purchased 377,358 shares of TrueCar’s common stock for USD 7.95 per share (after giving effect for a two-for-three reverse stock split before the IPO), for a total investment of USD 3 million. Based on the USD 9 IPO price, Keating Capital’s common stock would have a value of approximately USD 3.4 million, representing 1.13x our initial investment cost. As of March 31, 2014, Keating Capital’s investment in TrueCar had a fair value of USD 3.7 million, or a price of USD 9.86 per split-adjusted share.
26/05/2014 17:27
Keating Capital, Inc., a closed-end fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, announced that TrueCar, Inc., a portfolio company, completed the pricing of its initial public offering of 7,775,000 shares of common stock at a price to the public of USD 9 per share on May 15, 2014. The shares began trading on the Nasdaq Global Select Market under the ticker symbol "TRUE" on May 16, 2014. Goldman, Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets, LLC acted as joint book-running managers for the offering. Cowen & Company, LLC and JMP Securities, LLC acted as co-managers for the offering. Founded in 2005 and based in Santa Monica, California, TrueCar empowers car buyers by giving them transparent insight into what others actually paid, upfront pricing info, a guaranteed savings certificate, and a connection to a trusted TrueCar Certified Dealer to seamlessly complete the car purchase. On September 26, 2011, Keating Capital purchased 377,358 shares of TrueCar’s common stock for USD 7.95 per share (after giving effect for a two-for-three reverse stock split before the IPO), for a total investment of USD 3 million. Based on the USD 9 IPO price, Keating Capital’s common stock would have a value of approximately USD 3.4 million, representing 1.13x our initial investment cost. As of March 31, 2014, Keating Capital’s investment in TrueCar had a fair value of USD 3.7 million, or a price of USD 9.86 per split-adjusted share.
