TrueCar jumps in its 1st day on the Nasdaq

NEW YORK - TrueCar's stock is surging in its first day as a publicly traded company.

Shares of the provider of localized information on new car costs jumped $1.51, or 16.8 percent, to $10.51 late Friday trading.

TrueCar Inc. -- which had been called Zag.com Inc. -- priced the initial public offering of approximately 7.8 million shares at $9 per share, below the projected range of $12 to $14 per share.

The Santa Monica, California-based company raised about $70.2 million in the offering.

TrueCar's market valuation is approximately $639 million. The company anticipated about 71 million outstanding shares after the offering, according to a recent regulatory filing.

TrueCar is listed on the Nasdaq under the "TRUE" ticker symbol.