Friday, May 16, 2014
TrueCar Jumps In IPO As Socal Tech Exits Continue
Santa Monica-based TrueCar, the online new car pricing and buying site, jumped in its IPO Friday morning, trading up 16 percent in early trading this morning. The company--the second technology company to have an IPO this year from Southern California--was trading around $10.47 per share, up around 16 percent over its pricing at $9.00 per share late last night. The IPO is the latest in a long string of exits around Silicon Beach in recent weeks, including the $3.2 billion acquisition of Beats Electronics last week by Apple Computer, the $101M acquisition of Convertro by AOL, a $175M acquisition of Inktank by by Red Hat, the IPO of Rubicon Project at the beginning of February. Those exits also include a $295M deal for Solid Concepts, a $2 billion deal for Oculus VR by Facebook, and the acquisition of Maker Studios by Disney -- just to mention those that have occurred in the last couple of months.