* Co files for IPO of up to $125 mln
* Lists Goldman Sachs and JPMorgan as underwriters
(Adds background, detail from statement)
April 4 TrueCar Inc, which runs a car-pricing
comparison website, filed with U.S. regulators on Friday to
raise up to $125 million in an initial public offering of common
TrueCar.com allows visitors to view the average selling
price of a new car, its sticker price, what the site estimates
to be a good price, and the price that dealers in its network
The website operates through a network of 7,000 car dealers.
The company generates revenue from advertising and dealer
The Santa Monica, California-based company listed online
automotive sites such as AutoTrader.com, Autobytel.com, Cars.com
and membership-based car-buying services such as the Costco Auto
Program among its competitors.
TrueCar reported a 67-percent jump in revenue to $134
million for the year ended Dec. 31. The company reported a net
loss of $25 million during the period, down from $74.5 million a
TrueCar said in December that it received a $30 million
investment from Microsoft Corp co-founder Paul Allen's
The company's other main investors include venture capital
firm Upfront Ventures, billionaire Jeff Skoll's Capricorn
Investment Group and insurer USAA.
Truecar did not reveal how many shares it planned to sell or
their expected price, but said it intended to list its common
stock on the Nasdaq under the symbol "TRUE".
The amount of money a company says it plans to raise in an
IPO is used to calculate registration fees. The final size of
the IPO could be different.
Goldman Sachs and J.P. Morgan Securities LLC are the lead
underwriters to the offering, the company told the U.S
Securities and Exchange Commission in a preliminary prospectus.
The company plans to use the proceeds for investments and
general corporate purposes.
Shares of Autohome Inc, an owner of Chinese car
sales websites, rose as much as 83 percent in their U.S. market
debut in December.
Improving economic fundamentals and strong capital markets
have boosted the U.S. IPO markets, doubling IPO volumes for the
first quarter, according to a report by consulting firm EY.
(Reporting By Neha Dimri in Bangalore; Editing by Simon