Zillow CEO Spencer Rascoff and Executive Chairman Rich Barton must have a polished pitch on their IPO road show. The Seattle online real estate company today boosted its proposed IPO offering price to a range of $16 to $18 per share, up from the initial $12 to $14 range that the company initially set earlier this month.
If the company successfully prices at $18 per share, it would raise a maximum of $71 million, according to an updated SEC filing released today. TechCrunch notes that the new price would give Zillow a valuation of roughly $485 million.
Zillow, which recorded 22 million unique visitors to its Web and mobile properties during the month of May, will be interesting to watch as it attempts to enter the public markets under the ticker symbol “Z.”
That’s because the company is still losing money — albeit a tiny amount in the first quarter — and its revenues are relatively small ($11.2 million last quarter) compared to some other Internet companies that have completed IPOs recently.
But the 7-year-old company is pretty bullish about its prospects, writing in the SEC filing that it is “transforming the way consumers make home-related decisions.”
“We maintain an unwavering commitment to giving consumers free access to as much useful information as possible, and to providing transparency for all market participants,” the company writes.
Will Wall Street bite on that pitch?