Zillow.com Said to Hire Citigroup to Manage Its Initial Public Offering
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The exact timing of an IPO filing from the Seattle-based company wasn’t provided by the people, who declined to be identified because the plans are private. Companies planning to sell shares to the public hire banks before filing a prospectus with the U.S. Securities and Exchange Commission.
Zillow.com lets home buyers, sellers, renters and managers list and search for properties and related information. The company also runs a mortgage marketplace. Investors include Legg Mason Capital Management, Benchmark Capital, Technology Crossover Ventures and PAR Capital Management Inc. A financing round of $30 million in 2007 valued Zillow at $400 million.
The company gets its revenue from selling advertising space on its website and through mobile-phone applications, Chief Executive Officer Spencer Rascoff said in September. Zillow struck an agreement with Yahoo! Inc. last year to add its home listings to Yahoo’s real-estate pages.
Katie Curnutte, a spokeswoman for Zillow, declined to comment, as did Mark Costiglio, a spokesman at New York-based Citigroup.
An IPO filing would add Zillow to the growing list of U.S. Internet companies that intend to go public, including online- radio provider Pandora Media Inc. and social-networking site LinkedIn Corp. On March 11, HomeAway Inc., a vacation-rental website, filed to sell as much as $230 million worth of shares in an IPO.
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