Trulia prices IPO of 6 million shares at $17 each
SAN FRANCISCO (AP) — Real estate website operator Trulia Inc. said Wednesday it has priced its planned initial public stock offering at $17 each, above its expected range.
The company and its shareholders plan to sell 6 million shares. At $17 apiece, the offering would raise $102 million.
Earlier this month, Trulia had estimated its shares would sell for $14 to $16 each. The $17 IPO price indicates solid demand for the offering.
Trulia itself aims to sell 5 million shares, and wouldn't receive proceeds from stockholders' sales of the remaining 1 million shares. The banks managing the IPO may buy another 900,000 shares if demand is high.
The stock is expected to begin trading Thursday on the New York Stock Exchange under the ticker "TRLA."
The San Francisco company plans to use the net proceeds from the offering for working capital and general corporate purposes, along with the possible acquisitions of other businesses.
Trulia, which operates website Trulia.com and mobile apps, allows people to research home listings and neighborhoods, while helping real estate agents market their listings. Its database includes 4.5 million homes for sale and rent.
In the six months ended June 30, the site had 22 million unique visitors and 360,000 active real estate professionals, with 21,544 of those paying subscribers.
Most of the company's revenue comes from sales of subscription products to real estate professionals. Trulia also generates revenue from ads.
In 2011, the company posted a loss of $6.2 million on $38.5 million in revenue. In the six months through June 30, its loss came to $7.6 million on revenue of $29 million.