Zillow plans initial public offering

Zillow, the online U.S. home price estimator, is going public, the company’s newly appointed, 34-year-old CEO, Spencer Rascoff, told Bloomberg News. He wouldn’t say how much money would be raised in the company’s initial public offering or when shares would be sold, but he did say that his taking the helm from co-founder Rich Barton was part of the plan. Founded in 2005, the company has raised $87 million in financing and generates revenue from advertisements on Zillow.com and its mobile applications, but has yet to post a net profit. The website attracts 12.5 million visitors each month, the company said. [Bloomberg]