Zillow Inc. has now set preliminary terms for its initial public offering. The initial filing came in mid-April and that filing was for up to $51.75 million in proceeds and at that point we did not have a proposed stock ticker nor a proposed exchange it would list shares on.
Now the terms are set at 3.5 million shares in a price range of $12.00 to $14.00 per share. Zillow will take the stock ticker “Z” and will list on the NASDAQ Global Market. The use of proceeds is effectively for general corporate purposes.
Zillow is a real estate information marketplace that offers listing data about homes, listings, and mortgages. The company also allows buyers, renters, and those seeking information to connect with real estate and mortgage professionals best suited to meet their needs.
We had previously noted, “This is a popular brand that will get some interest from investors if the market holds up and if the real estate declines do not accelerate.” Revenues grew from $10.6 million in 2008, up to $17.5 million in 2009, up to $30.5 million in 2010. During those years, its unique users grew from 5.518 million to 7.611 million to 12.666 million.
At the IPO, it expects roughly 18 million Class-A shares and it expects roughly 9.5 million Class-B shares.
Zillow has already claimed to have a database of more than 100 million U.S. homes and it previously noted that it had 19.4 million unique users visiting its website and mobile applications in March alone that came to 90% growth compared to March-2010. It has also previously claimed having the most popular mobile real estate applications with Zillow being used on a mobile device more than 8 million times.
Its amended S-1 filing is here.
JON C. OGG
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