Real estate listings firm Trulia quietly files for IPO-sources
July 25 |
July 25 (Reuters) - Trulia, an online real estate listing service, has filed confidentially for an initial public offering, becoming the latest company to take advantage of a new U.S. law, according to several sources familiar with the situation.
JPMorgan Chase & Co and Deutsche Bank AG are advising the company, one of the sources said.
Investors in Trulia, which competes with real estate search engine Zillow Inc, include venture capital firms Sequoia Capital and Accel Partners.
Trulia, JPMorgan and Deutsche Bank declined to comment. Sequoia Capital and Accel Partners could not be reached for comment.
After concerns about the European debt crisis and fallout from Facebook Inc's public debut froze deal activity for several weeks, the IPO market has shown some signs of thawing, particularly in the technology sector.
In late June, IT software company ServiceNow helped to open the IPO window, raising $209.7 million in an initial public offering that priced above its expected range.
Shares of both software security company Palo Alto Networks Inc and online travel company Kayak Software Co soared last week during their public debuts.
Trulia is using provisions of the JOBS Act that allow so-called emerging growth companies with less than $1 billion in revenue to file confidentially for IPOs, while letting them sidestep some financial reporting requirements.
The JOBS Act provisions are attractive to companies because the companies can resolve regulatory issues behind closed doors and, if need be, withdraw an offering without the stigma attached to doing so.
Some 30 to 32 companies have taken advantage of a confidential filing provision since the JOBS Act was passed in April, the Securities and Exchange Commission said last month.
Other companies that have taken advantage of the provision include Silicon Valley business software company Workday Inc, British soccer club Manchester United and online legal document preparation service LegalZoom.com.
Companies must make their S-1 registration statements available to the public at least 21 days before their marketing road shows.
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