SANTA MONICA, CA: Car-pricing comparison website TrueCar is working with Kel & Partners and Pacific Communications Group on IPO comms.
Jenna Finn, account manager at Kel & Partners, confirmed the firm’s relationship with TrueCar. The company has kept Pacific Communications Group on a retainer since 2012, according to an agency representative.
Neither firm would disclose details about the communications strategy for the initial public offering. A spokesperson from TrueCar was not immediately available for comment.
After the IPO, Santa Monica, California-based TrueCar is targeting a market valuation that could reach about $1 billion. The company said Monday that its IPO is expected to be priced at $12 to $14 per share.
The stock will be listed on the Nasdaq exchange under the symbol "TRUE." Following the IPO, the company will have 71 million outstanding shares.
Although TrueCar is focused on new car transactions, the company said in a regulatory filing that it has plans to add car-buying and ownership services known as TrueLease, TrueLoan, and TrueTrade.
The company has received a $30 million investment from Microsoft co-founder Paul Allen's Vulcan Capital. Other investors include venture capital firm Upfront Ventures, Jeff Skoll's Capricorn Investment Group, and insurer United Services Automobile Association. The lead underwriters for the IPO include Goldman Sachs, JPMorgan, and RBC Capital Markets.
Last week, TrueCar named board member and former head of Hyundai’s US operations John Krafcik as its new president. Scott Painter, who served as an early adviser to Tesla Motors, is CEO.
For 2013, the company reported a 68% surge in revenue to $134 million, and its net loss shrunk 66.3% to $25.1 million.