“Z” valued at half a billion dollars
After filing amendments with the Securities and Exchange Commission (SEC) to sell Zillow shares, ranging from $12 to $14 per share, then to $16 to $18 per share, with the final price set today at $20 per share, according to their amendment filing with the SEC. At $20 per share, the company’s valuation is $539 million, considerably higher than many real estate insiders believed it end up at.
Offering 3,462,000 shares of its Class A common stock the company is seeking to raise as much as $71.6 million in the IPO.
Seeking to raise $71.6 million with IPO
Zillow, which will begin trading under the symbol “Z” on the NASDAQ tomorrow morning, aims to raise as much as $71.6 million in the IPO.
This set share price means that the market will open tomorrow with Zillow trading at a price nearly ten times higher than Move, Inc.’s current shares.
As the stock goes public, the company is released from the SEC’s quiet period they have been subjected to since filing for IPO status, and we will see Zillow get back to a new normal.
They will be able to talk more openly about operations, but will now live by a new set of rules given that they are publicly traded and they’ve shed their startup life.
Zillow’s IPO has been a long time coming
This news has been a long time coming and at one time the company even denied they intended to go public. At $20 a share, will you be buying shares tomorrow morning?
Being public certainly puts a new target on Zillow’s back as they join the ranks of Move, Inc., but will this help them along they way or empower the Pete Flint’s (CEO, Trulia) of the world to emphasize they are the underdogs? Watch for language of these companies to change this week.