Trulia IPO to watch:U.S. real estate website Trulia Inc. (TRLA) landed on the New York Stock Exchange under the symbol “TRLA” on Thursday, TRLA stock opened at $22.10, 30% higher than the previously announced $17 Trulia IPO price. Calculating by the IPO price, Trulia will raise funds of approximately $133 million and command a market capitalization of $582 million.
Trulia’s major competitor is Zillow Inc (Z), which was listed in last summer. In the first half of the year ending June 30, Trulia gained 22 million unique visitors, well above 500 million in the first half of 2009. Among these visitors, over 360,000 active users come from real estate industry. The regulatory filing submitted by Trulia also showed that the number of monthly users using the company’s search engine is more than 20 million. The company generates revenues primarily through website advertising and subscription services.
JP Morgan Chase and Deutsche Bank are acting as the lead underwriter of Trulia IPO. Royal Bank of Canada, Needham & Co. and William Blair & Co. are also involved as underwriters for Trulia IPO.
Trulia IPO price is higher than the previously anticipated range between $14 and $16. This is primarily driven by the signs of recovery of the U.S. real estate market.
Read the old post: Trulia IPO prospectus summary.