Zillow, Inc., which operates real estate site Zillow.com, Zillow Mortgage Marketplace, and Zillow Mobile, said late Tuesday that it has priced its initial public offering of 3.462 million shares of its Class A common stock at $20.00 per share, which is above its estimated range of $16 and $18 per share.
The shares will begin trading on Wednesday, July 20, on The Nasdaq Global Market under the ticker symbol "Z."
The underwriters have a 30-day option to purchase up to an additional 519,300 shares of Class A common stock, to cover over-allotments, if any. All of the shares of Class A common stock are being offered by Zillow.
Concurrent with the completion of the initial public offering, Zillow will complete a private placement of 274,999 shares of its Class A common stock, at $20.00 per share, to certain existing investors in Zillow.
Citi is acting as sole book-running manager for the offering. Allen & Company LLC is acting as senior co-manager and Pacific Crest Securities, ThinkEquity LLC, and First Washington Corporation are acting as co-managers.
The company filed the initial registration statement for the IPO on April 18.
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