Zillow continues to inch toward the public markets, disclosing in a SEC filing today that it plans to sell 3.4 million shares in the range of $12 to $14 per share. If the Seattle online real estate company prices at $13, it would generate $44.1 million through the public offering.
Zillow, which filed to go public in April and plans to trade under the ticker symbol “Z,” lost $826,000 on revenue of $11 million during the first quarter. The most recent SEC filing did not include results for the second quarter.
As we previously noted, Zillow’s traffic continues to grow. It recorded 22 million unique visitors to its Web and mobile properties during the month of May, year-over-year growth of 102 percent.
The $12 to $14 per share price range is a typical starting point for technology companies. In order to get there, Zillow instituted a 3.38-to-1 reverse stock split in June, something that corporate securities attorneys say is common.
At the time of the offering, Technology Crossover Ventures and PAR Investment Partners have agreed to purchase $5.5 million worth of Zillow’s shares at the IPO price.
Zillow is one of two Seattle area tech companies currently waiting to go public. Impinj, a maker of RFID technologies, also hopes to price shares later this year.