Daily Real Estate News | April 19, 2011 | Share
Zillow Goes Public, Files for $52 Million IPO
You may soon be able to buy stock in Zillow. The Seattle-based real estate Web site filed on Monday preliminary documents for an initial public offering. The company hopes to raise about $51.75 million for its IPO.
Zillow has not yet disclosed how many shares it intends to sell or the price for each share.
Technology Crossover Ventures and PAR Investment Partners have already agreed to buy a total of $5.5 million of common stock from Zillow, CNNMoney.com reports.
Zillow, founded in 2004 and originally known for its popular “Zestimates” home value estimates on homes across the U.S., has seen its Web traffic quickly grow. In March, it boasted 19.4 million unique users from its Web site and mobile app, a more than 90 percent year-over-year increase in traffic. Its revenue has also increased significantly. In 2010, Zillow’s revenue increased by 74 percent to $30.5 million, according to the Securities and Exchange Commission filing.
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