Zillow Stock Doubles In IPO
Zillow Stock Doubles In IPO
Real estate information provider Zillow launched an initial public offering late Tuesday, selling shares at $20 apiece. By early Wednesday afternoon, the stock had gained more than 120 percent to $44.50 a share. The company says it had sold 3.46 million shares in the IPO, with shares trading on the Nasdaq composite under the ticker symbol “Z”.
Zillow runs a popular real estate website that provides information about real estate listings, trends, local information and mortgages. The company also offers a mobile app which consumers can use to access its database on the go. Like other companies that have or soon will launch IPOs, Zillow has yet to turn a profit. The company revealed in its S-1 filing that it narrowed its losses, however, from $12.9 million in 2009 to $6.8 million in 2010.
In 2011's first quarter, Zillow lost $865,000, down from a loss of $2.8 million in the first three months of 2010, and the first time it lost less than a million. As for total revenue, Zillow's nearly doubled from $17.5 million in 2009 to $30.5 million last year. The underwriters in Zillow's IPO, Citigroup, Allen & Co., Pacific Crest Securities, ThinkEquity and First Washington Corp, will be given a 30-day option to purchase as many as 519,300 additional shares. And once the IPO is completed, Zillow will sell 274,999 shares to existing shareholders at $20 each.
Real estate information provider Zillow launched an initial public offering late Tuesday, selling shares at $20 apiece. By early Wednesday afternoon, the stock had gained more than 120 percent to $44.50 a share. The company says it had sold 3.46 million shares in the IPO, with shares trading on the Nasdaq composite under the ticker symbol “Z”.
Zillow runs a popular real estate website that provides information about real estate listings, trends, local information and mortgages. The company also offers a mobile app which consumers can use to access its database on the go. Like other companies that have or soon will launch IPOs, Zillow has yet to turn a profit. The company revealed in its S-1 filing that it narrowed its losses, however, from $12.9 million in 2009 to $6.8 million in 2010.
In 2011's first quarter, Zillow lost $865,000, down from a loss of $2.8 million in the first three months of 2010, and the first time it lost less than a million. As for total revenue, Zillow's nearly doubled from $17.5 million in 2009 to $30.5 million last year. The underwriters in Zillow's IPO, Citigroup, Allen & Co., Pacific Crest Securities, ThinkEquity and First Washington Corp, will be given a 30-day option to purchase as many as 519,300 additional shares. And once the IPO is completed, Zillow will sell 274,999 shares to existing shareholders at $20 each.
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