Real estate website Zillow Inc. has upped the range for its initial public offering to between $16 and $18 per share. The Seattle-based company previously priced the IPO at $12-$14 per share. The company expects to raise about $56.8 million from the offering, when calculated at the mid point of its price range and after deducting underwriting discounts and commissions, Reuters wrote Friday.
(Reuters) – Zillow Inc, a real estate and housing data company, raised the price range of its initial public offering to $16-$18 per share from $12-$14 per share.
In April, Seattle-based Zillow had filed with U.S. securities regulators for an IPO of up to $51.8 million.
On Friday, the company in a filing with the Securities and Exchange Commission said it expects to raise about $56.8 million from the IPO, when calculated at the mid point of its price range and after deducting underwriting discounts and commissions.
Zillow offers rent and house price estimates as well as real estate data on millions of U.S. homes through its websites and mobile phone applications.
The company, which has applied to list on Nasdaq under the symbol “Z”, said it plans to sell 3.46 million of its class A common stock and use the proceeds primarily for general corporate purposes.
Underwriters — Citigroup, Allen & Co, Pacific Crest Securities, ThinkEquity and First Washington — can purchase an additional 519,300 shares to cover over-allotments, the company said in the filing. (Reporting by Aditi Sharma in Bangalore; Editing by Maju Samuel)