Will you buy stock in Trulia?
For quite some time, we have been waiting for Trulia to pull the trigger on going public, and while it has taken longer than we expected, it looks like it could still go down in 2012 as we predicted. The company has filed for an initial public offering (IPO) through a new provision of the JOBS Act, which allows companies with under $1 billion in revenue to file for a public offering without disclosing publicly to the U.S. Securities and Exchange Commission (SEC), according to Reuters.
This spring, the real estate media company hired JPMorgan Chase and Deutsche Bank to oversee the IPO process and brought on IPO advisory firm, Class V Group’s Lise Buyer to guide them.
It became clear that Trulia was inching closer to going public when the company hired high caliber senior management in December 2011, Sean Aggarwal as the new Chief Financial Officer, and Scott Darling as General Counsel, both of whom have experience in scaling companies, signaling preparations for going public.
“As Silicon Valley veterans who’ve played crucial roles in other fast-growing tech companies, Sean and Scott will immediately play a crucial role in helping Trulia navigate an exciting, new path at rapid speed,” Trulia’s Head of Communications, Ken Shuman told AGBeat last year.
Because the company has not filed through the SEC, revenue and profit will not immediately be known, nor will endless filings flood journalists’ desks to go over with a fine tooth comb to unveil the challenges and strengths of the company.
When Trulia is approved for IPO status, all information will become public, and at that point, they will join Zillow and Move, Inc. in the ranks of publicly traded real estate media companies, thus making what the industry calls the “big three” legitimately the big three.