Zillow (Z), a leading online real estate marketplace in the U.S., plans to raise $59 million by offering 3.5 million shares at a price range of $16 to $18, 31% above the midpoint of the original filing. Zillow is one of seven IPOs scheduled to price this week on the U.S. IPO calendar.
Background
Zillow was developed by the founders of Expedia.com who sought to translate their success in aggregating travel data for consumer convenience into a new offering designed to similarly transform the real estate market. The name "Zillow" stems from the founding idea of providing zillions of data points for U.S. properties, even those that are not currently listed. Currently, the company maintains data and property estimates ("Zestimates") on over 100 million U.S. home and rental properties, of which 28 million have been updated by individuals and real estate agents.
The company generates revenue from three different business
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