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August 20, 2013 03:29 am GMT
Zillow, the real estate listings juggernaut, priced its follow-on offering to its IPO at $82 per share. The company’s selling 2.5 million shares, or raising about $205 million. The $82 figure is a bit lower than Friday’s closing price of $91.22 as the company’s shares have slipped by more than 7 percent over the past day. Additionally, existing shareholders are putting 2.52 million shares up for sale. The underwriters of the deal also have the option to buy an extra 750,000 shares from Zillow itself. Citigroup is the leading underwriter, while Goldman Sachs Group & Co, Allen & Company, Canaccord Genuity, Pacific Crest Securities and JMP Securities are also participating. The company, which reported quarterly revenue of $46.9 million, is trying to fend off competitors like Trulia. Zillow itself said it plans to use the additional capital for general corporate purposes, like sales and marketing activities, general and administrative matters and capital expenditures. The company said it also might use the funds for acquisitions. Trulia similarly had a follow-on offering of about $150 million earlier this year. In their last earnings report, they posted 69 percent year-over-year increase in revenue along with record traffic of 61 million users in July. But the company is still operating at a net loss, with losses per share widening to $0.30. That was still 10 cents better than what analysts had estimated on average. The company also expanded by announcing that it intends to buy New York listings site StreetEasy for $50 million in cash. That potentially brings up to 1.2 million monthly visitors into Zillow’s folds and gives the company a stronghold in New York City, one of the countrys most concentrated and biggest real estate markets.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/MFWig2IrNOU/
Zillow Prices Follow-On Offering At $82 Per Share To Raise $205M
Zillow, the real estate listings juggernaut, priced its follow-on offering to its IPO at $82 per share. The company’s selling 2.5 million shares, or raising about $205 million. The $82 figure is a bit lower than Friday’s closing price of $91.22 as the company’s shares have slipped by more than 7 percent over the past day. Additionally, existing shareholders are putting 2.52 million shares up for sale. The underwriters of the deal also have the option to buy an extra 750,000 shares from Zillow itself. Citigroup is the leading underwriter, while Goldman Sachs Group & Co, Allen & Company, Canaccord Genuity, Pacific Crest Securities and JMP Securities are also participating. The company, which reported quarterly revenue of $46.9 million, is trying to fend off competitors like Trulia. Zillow itself said it plans to use the additional capital for general corporate purposes, like sales and marketing activities, general and administrative matters and capital expenditures. The company said it also might use the funds for acquisitions. Trulia similarly had a follow-on offering of about $150 million earlier this year. In their last earnings report, they posted 69 percent year-over-year increase in revenue along with record traffic of 61 million users in July. But the company is still operating at a net loss, with losses per share widening to $0.30. That was still 10 cents better than what analysts had estimated on average. The company also expanded by announcing that it intends to buy New York listings site StreetEasy for $50 million in cash. That potentially brings up to 1.2 million monthly visitors into Zillow’s folds and gives the company a stronghold in New York City, one of the countrys most concentrated and biggest real estate markets.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/MFWig2IrNOU/
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