Zillow has a lot more cash in its bank account as of this afternoon. The Seattle online real estate company announced today that it sold 5,023,486 shares in a public offering.
As part of the deal, Zillow sold 2.5 million shares at $82 per share, bringing in roughly $205 million.
Meanwhile, certain shareholders — including founders Rich Barton and Lloyd Frink and CEO Spencer Rascoff and CTO David Beitel — also sold 2.5 million shares. Proceeds from those stock sales did not go directly to the company.
The offering was announced earlier this morning, but the company had not said what price it planned to offer shares at. Zillow also today announced that it planned to buy New York-based StreetEasy for $50 million in cash.
Today’s stock sale was independent from the acquisition, and the proceeds were not needed to fuel the acquisition.
Shares of Zillow fell more than seven percent in today’s trading to $84.74. They fell further in after-hours trading to $82.93. Still, the stock is up more than 200 percent so far this year. Zillow, which now has a $3 billion market value, first went public in July 2011 at $20 per share.
