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July 20, 2011 06:44 pm GMT
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/1Hq4fM81b8I/
Zillow Soars 200 Percent In First Trade With Over $1 Billion Valuation
Shares of real estate listings site Zillow began trading on the NASDAQ under the symbol 'Z' today, opening at $60 per share. This gives the company a whopping $1.6 billion valuation. Zillow priced its IPO at $20 per share yesterday, after upping the pricing of its IPO to $16 to $18 per share, from the initial range of $12 to $14 per share. While the stock price soared to $60 per share in firsy trade but has dropped to $43 per share. According to Experian Hitwise, Zillow.com is the third most visited Real Estate site in the U.S and received 5.36% of Real Estate visits in March 2011, which is a 53% increase compared to March 2010. While Zillow is growing traffic, the company has been taking a loss in terms of net income for the past three years. But the company is cash-flow positive.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/1Hq4fM81b8I/
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