Market Overview

Trulia IPO Expected to Debut on Thursday

Real-estate listing sit Trulia is expected to hit the public markets this week. According to allthingsd.com, the IPO could price tonight and begin trading as early as Thursday. The company is offering six million shares at between $14 and $16 each. Based on the midpoint of this range, Trulia would raise $65.8 million at a valuation of $461 million. The stock is expected to be listed on the New York Stock Exchange under the symbol TRLA.

Two competitors already are publicly traded, Zillow (NYSE: Z) and Realtor.com, which trades under corporate name Move Inc. (NASDAQ: MOVE). Zillow went public at $20.00 per share and the stock has risen to $44.60 on Wednesday. MOVE is up better than 38 percent in 2012.

In a note to investors, Morningstar analyst James Krapfel said that he believes Zillow is the best bet in the space, but that Trulia should grow as more consumers and agents use the services. We believe Trulia has a growing network effect that could keep upstart online competitors at bay, but believe Zillow's larger network effect will allow Zillow to maintain its position as the primary home search marketplace,”

According to allthingsd.com, Zillow sued Trulia just last week, saying that the company's Trulia Estimates feature infringes on Zillow's patent-related to property value estimates. The company is seeking a permanent injunction against Trulia, damages and attorney's fees.

In 2011, Trulia nearly doubled its previous year loss of $3.8 million to $6.2 million. Revenues doubled during that time to $38.5 million.

Posted-In: AllThingsD James Krapfel morningstar Realtor.comNews IPOs Intraday Update Movers Best of Benzinga

 

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