Zillow stock surges on 1st day of trading
7/21/2011SEATTLE — Zillow Inc., an online real estate information service, surged in its trading debut after selling shares above an increased price range in its initial public offering.
The Seattle firm’s stock, trading on Nasdaq under the symbol Z, climbed 79 percent to $35.77 as of 4 p.m., after earlier tripling to $60. Zillow raised $69.2 million Wednesday selling 3.46 million shares at $20 apiece, above the offering range of $16 to $18.
Zillow joined Web site operators such as LinkedIn Corp., Yandex NV, and HomeAway Inc. in gaining at least 49 percent in first-day trading after IPOs this year. Investors are flocking to a limited number of Internet offerings after some have far outpaced the average gain of about 7 percent in all U.S. IPOs in 2011, according to data compiled by Bloomberg.