Leena Rao currently works as a writer for TechCrunch. She recently finished graduate school at the Medill School of Journalism at Northwestern University, where she studied business journalism and videography. From 2004 to 2007, she helped lead Congresswoman Carloyn Maloney???s community outreach and relations efforts in New York City. She graduated from Columbia University in 2003, where she was... ? Learn More
After debuting on the NASDAQ last year, real estate search engine Zillow is filing a follow-on offering, seeking to sell 3.175 million shares of the company?s Class A common stock. An additional 325,000 shares of its Class A common stock will be sold in the offering by shareholders.
The company, whose shares closed at $42.43 today, saw record revenue in Q2 of $27.8 million, up 75 percent year over year. Zillow says it will use the proceeds from the sale for ?general corporate purposes, which may include working capital, sales and marketing activities, general and administrative matters and capital expenditures.? Another use case for the funds?acquisitions.
Although Zillow has yet to price the offering, at $42.23 a share, the company could raise as much as $135 million.
The company acquired RentJuice earlier this year for $40 million.
Mobile has been huge for the company with more homes now viewed via Zillow on a mobile device than on a desktop. In July, 168 million homes were viewed on Zillow via a mobile device ? that?s 63 homes per second. Average monthly unique users during the quarter grew to 33.5 million, up 61% year over year. July was another record traffic month with 37 million unique users visiting Zillow on mobile and Web.
Zillow, Inc. founded and operates Zillow.com ? a leading online real estate marketplace dedicated to helping homeowners, buyers, sellers, renters, real estate agents, mortgage professionals, landlords, and property managers find and share vital information about homes, real estate, and mortgages. Zilow, Inc. also operates Zillow Mortgage Marketplace and Zillow Mobile. Rich Barton and Lloyd Frink started Zillow in early 2005, and Zillow.com launched in early 2006 with data and information on millions of U.S. homes. Zillow?s goal is to help...
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