Zillow Inc (Z) To Raise $205 Million From Follow-On Offering
Zillow Inc (NASDAQ:Z) announced on Monday that they have sold 5,023,486 shares in a public offering. Zillow sold 2.5 million shares at $82 per share, which brought in $205 million.
Zillow executives Rich Barto, Lloyd Frink, CEO Spencer Rascoff, and CTO David Beitel also sold 2.5 million shares. The proceeds from those stock sales did not go back into the company.
We first reported the follow-on offering yesterday, but the price per share was unknown then. Zillow Inc (NASDAQ:Z) also announced the acquisition of StreetEasy for $50 million in cash in the same news article.
The stock sale was independent from the acquisition. The proceeds were not needed for the acquisition. Zillow Inc (NASDAQ:Z) now has a $3 billion market valuation and the company went public in July 2011 at $20 per share.