Zillow raises $69M in public offering

Miami /
Jul.July 20, 2011 02:57 PM

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.

Zillow CEO Spencer Rascoff said the new funds will be used for headcount growth, especially for developers and salespeople.
“Becoming a public company puts us on a whole new stage,” he said, “It’s like being drafted into the major leagues.”

Earlier this year, Zillow partnered with Yahoo Real Estate and acquired Postlets, a real estate listing service.

Citigroup was the underwriter on the offering. [TechCrunch]


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail
Altman scores $55M construction loan for Ludlam Trail project
Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 
Related switches gears on Terminal Island project, now plans low-rise offices
Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero
Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)
Virgin Trains seeks $350M to build five stations in Miami-Dade
Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M
Easton Group picks up land in Hialeah Gardens for $8M
Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...