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Zillow to sell 3.2 mln shares in secondary offering
September 5, 2012 / 9:20 PM / 5 years ago

Zillow to sell 3.2 mln shares in secondary offering

Sept 5 (Reuters) - Real estate website Zillow Inc said it would sell 3.2 million shares in a secondary offering, sending its shares down 3 percent in extended trading.

The company will use proceeds from the offering for working capital and general corporate purposes.

Based on the stock’s closing price of $42.43 on the Nasdaq on Wednesday, the offering could be valued at $135 million.

Certain shareholders will sell an additional 325,000 shares in the offering, the company said.

Zillow also intends to grant underwriters an option to purchase up to an additional 525,000 shares to cover over-allotments, if any.

Citigroup and Goldman, Sachs & Co are the joint bookrunning managers for the offering.

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