Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Trulia Raises $102 Million in IPO as Home Prices Recover in U.S.

Don't Miss Out —
Follow us on:

Sept. 20 (Bloomberg) -- Trulia Inc., the operator of a residential-property listings website, raised $102 million in an initial public offering, pricing its shares above the proposed range as the U.S. housing market shows signs of recovery.

Trulia and existing shareholders sold 6 million shares at $17 apiece, according to a statement yesterday. The company had offered the shares, representing a 23 percent stake, for $14 to $16, according to a Sept. 7 regulatory filing. San Francisco-based Trulia will start trading today on the New York Stock Exchange under the symbol TRLA.

Residential property values rose 0.5 percent in June from a year earlier, the first year-over-year gain since September 2010, according to the S&P/Case-Shiller index of home prices in 20 U.S. cities. Trulia completed its offering after shares of larger competitor Zillow Inc. have more than doubled since a July 2011 IPO. The companies have been using applications on smartphones and tablets to amass more users, and Trulia is generating revenue by selling subscriptions to mobile access, according to the filing.

Trulia’s website and mobile applications are used by more than 20 million visitors a month, according to the company.

The IPO values Trulia at about $448 million, or 8.8 times sales of $51 million in the 12 months through June. The company said it had $9.46 million in cash and equivalents as of June 30. Proceeds from the IPO will be used for working capital, according to the filing.

Zillow Lawsuit

Zillow, the Seattle-based operator of the largest real-estate information website, sued Trulia on Sept. 12, alleging patent infringement over a software program for home valuations. Trulia doesn’t comment on litigation, Ken Shuman, a company spokesman, said in an e-mail prior to the share pricing.

In a separate IPO, Scottsdale, Arizona-based Spirit Realty Capital Inc. raised $435 million, selling 29 million shares at $15 apiece. The owner of single-tenant properties that was taken private by investors led by Macquarie Group Ltd. in 2007 will begin trading today on the New York Stock Exchange under the symbol SRC.

JPMorgan Chase & Co. and Deutsche Bank AG led Trulia’s IPO. Morgan Stanley led the Spirit Realty offering.

To contact the reporter on this story: Dan Levy in San Francisco at

To contact the editors responsible for this story: Jeffrey McCracken at; Kara Wetzel at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.