Yesterday web-based real estate information service Zillow filed its IPO paperwork with the SEC. The company is looking to raise $48.5 million in cash through sale of 3.46 million shares to public investor at a price of $12-14 per share. The official pricing date is set for July 19th.
Zillow, which announced its intention to go public in early April, will also offer $5.5 million worth of shares to private investors. Here’s some information on the company’s financial strength, according to Bloomberg:
“The Zillow website lets home buyers, sellers, renters and managers list and search for properties, home-price estimates and other information. Sales more than doubled to $11.3 million in the three months through March 31, while the net loss in the same period narrowed to $826,000 from $2.8 million, according to the filing.”
Citigroup (NYSE:C) is the bank signed on to lead the IPO for Zillow, which will trade on the Nasdaq (NASDAQ:NDAQ) under the ticker (Z). Based on its current median IPO price, the company would be valued at $351.8 million.
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