Zillow went public yesterday, looking to raise $70 mn in new capital. The company priced at $20, following earlier price ranges of $12-$14 and $16-$18. The last-minute revision was supported by recent rapid growth for the company.
As a result of this initial public offering, Technology Crossover Ventures, Benchmark Capital and PAR Investment are able to exit.
The revised pricing is 54 per cent higher than Zillow’s original range, following a trend that includes Pandora (which priced 100 per cent above its initial range), Fusion-io (36 per cent) and LinkedIn (34 per cent). Though Pandora excited only briefly, HomeAway, the most recent internet IPO, shot up 49 per cent on the first day and is now 53 per cent above its original price. Zillow closed the day at $35.77.