Zillow Inc., the Seattle-based online real-estate information service, raised the proposed price range for its initial public offering to as much as $18 a share.
The company is offering 3.46 million shares at $16 to $18 apiece to raise as much as $62.3 million, according to regulatory filings. Zillow earlier set a range of $12 to $14.
Zillow, led by Chief Executive Officer Spencer Rascoff, announced its IPO in April, joining a flood of filings to go public. In the three months through June, companies registered for initial offerings at the fastest pace since 2007, according to Bloomberg data. Zillow plans a placement of about $5.5 million of shares with two private investors alongside the IPO.
Zillow’s website allows home buyers, sellers, renters and managers to list and search for properties, home-price estimates and other information. Sales more than doubled to $11.3 million in the quarter ended March 31. In May, 22 million unique users visited Zillow through its website and mobile applications, more than double the number a year earlier.
At the offering’s midpoint price of $17 and assuming completion of the private placement, Zillow would be valued at $458.3 million, according to data disclosed in today’s filing.
All of the shares in the IPO are being offered by Zillow, and the company is selling the private-placement shares to Technology Crossover Ventures and PAR Investment Partners, according to the SEC filing.
Citigroup Inc. is leading Zillow’s offering. The shares will list on the Nasdaq Stock Market under the symbol Z.