A group of investors opposed to Malkin Holdings’ plan to include the Empire State Building in a $1 billion initial public offering will ask a New York State Supreme Court judge to block the plan by buying the investors out for $100 a share, Bloomberg News reported. [more]
Posts Tagged ‘initial public offering’
Malkin Holdings, a co-owner of the Empire State Building, has secured nearly three quarters of the votes it needs from investors to move forward with its $1 billion initial public offering for the famed building, the Financial Times reported, citing a letter sent to investors today. [more]
Shares of real estate listings website Zillow.com have opened on the NASDAQ at $60 per share, technology blog TechCrunch.com reported, giving the company a $1.6 billion valuation. Zillow priced its initial public offering at $20 per share yesterday, after increasing the pricing of its IPO to $16 to $18 per share. The company raised $69 million in the offering.
Zillow is the third most visited real estate-related site in the U.S., according to Experian Hitwise, and received 5.36 percent of all real estate traffic in March, up 53 percent from March 2010. However, the company has been seeing losses in net income over the past three years, TechCrunch said.
In the three months ending March 31, Zillow generated revenue of $11.3 million, an increase of 111 percent from the same period in 2010…. [more]
A glut of real estate investment trusts are going public in the coming weeks, buoying optimism that national commercial real estate prices could see a short-term boost, according to National Real Estate Investor. The hope is that these REITs will continue to rake in capital through the end of 2010, which would, in turn, be funneled into the battered commercial market. … [more]