Real estate information marketplace Zillow, Inc. (Z) announced in a regulatory filling on Wednesday that it will sell 3.46 million common shares in an initial public offering at an estimated pricing between $12 and $14 per share to raise about 48.5 million. The company filed the initial registration statement for the IPO on April 18, 2011, and has applied to list the Class A common stock on The Nasdaq Global Market under the ticker symbol 'Z'.
The company added that concurrent with the closing of the IPO, its existing investors, including funds affiliated with Technology Crossover Ventures, and PAR Investment Partners, L.P., have agreed to purchase the number of shares of Class A common stock with an aggregate purchase price of $5.5 million from us in a private placement, at a price equal to the IPO price. The sale will not be registered in this offering.
Zillow, which operates real estate site Zillow.com, Zillow Mortgage Marketplace, and Zillow Mobile, intends to use the net proceeds from both the offerings for general corporate purposes, including working capital. The company also may use a portion of the proceeds to acquire or make investments in complementary businesses, products or technologies.
The Seattle, Washington-based company revealed in an amended form S-1 filing with the U.S. Securities and Exchange Commission that has also granted underwriters a 30-day option to buy up to an additional 0.52 million common shares at the IPO price, to cover over-allotments, if any.
For the offering, Citi will act as the sole book-running manager, and Allen & Company, Needham & Company, LLC, ThinkEquity LLC and First Washington Corp. will act as co-managers.
Following the closing of both the offerings, Zillow will have 27.06 million shares of Class A and Class B common stock outstanding, which values the company at about $350 million.
The company said it has never declared or paid a cash dividend on its capital stock. It currently intends to retain all available funds and all of the future earnings, if any, to fund the development and growth of our business, and do not anticipate paying any cash dividends for the Class A or Class B common stock in the foreseeable future.
The company's mission is to build the most trusted and vibrant home-related marketplace to empower consumers with information and tools to make intelligent decisions about homes.
Zillow generates revenues from local real estate professionals, primarily on an individual subscription basis, and from mortgage professionals and brand advertisers.
The company generated revenues of $10.6 million in 2008, $17.5 million in 2009 and $30.5 million in 2010, representing year-over-year growth of 49 percent, 65 percent and 74 percent, respectively.
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