Trulia to raise up to $100 mln in IPO
Sept 7 (Reuters) - Trulia Inc said it expects to raise up to $100 million in its initial public offering, as the real estate website seeks to take advantage of a recovery in the U.S. housing market.
The offering of 6 million shares is expected to be priced between $14 and $16 a share.
The San Francisco-based company said it would sell 5 million shares in the offering, while selling stock holders would offer the rest.
The IPO will raise $90 million at the mid-point of the range. Trulia expects to receive $65.8 million, after deducting the estimated underwriting discounts and commissions and offering expenses.
Trulia, which competes with Zillow Inc and Realtor.com, provides real estate residential information to professionals and offers services like Trulia Local Ads and Trulia Pro.
The company expects to gain from a nascent recovery in the U.S. housing market. Sales of single family homes rose 4 percent to 337,000 and housing indicators showed sign of recovery in the first quarter of 2012, according to a report by U.S. Housing Market Conditions.
The company, whose new service Trulia Insight pre-qualifies consumers for a mortgage, is backed by private equity firms such as Accel Partners and Sequoia Capital.
The company told the U.S. Securities and Exchange Commission that JP Morgan and Deutsche Bank were lead underwriters to the offering.
The real estate listing website intends to list its common stock on the New York Stock Exchange under the symbol "TRLA".