TrueCar Inc. priced its initial public offering (IPO) of 7.8 million shares at $9 a share Thursday evening, well below the expected range of $12 to $14 per share. The lower price gives the online new car sales network 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.

This was one of our top 10 IPOs to watch in 2014.

The company’s founder and chief executive, Scott Painter, has indicated a non-binding interest in acquiring up to $1.5 million in TrueCar’s common stock at the IPO price as part of the offering. Painter could still change his mind, or the underwriters could reject his offer to buy.

The company said that the purpose of the IPO is to increase its financial flexibility, improve its brand awareness, create a public market for its common stock and facilitate future access to the public capital markets. TrueCar plans to use the proceeds for general corporate purposes, including working capital, operating expenses and capital expenditures.

Shares will begin trading Friday morning on the Nasdaq under the ticker symbol TRUE.

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