Real estate search engine company Zillow.com has filed an S-1, which means that the company is going public on the stock market. Zillow is aiming to raise $51.75 million. Currently this is a placeholder amount and is subject to change.
Citigroup, Allen & Company, ThinkEquity, Needham & Company, and First Washington Corporation are underwriters in the IPO. Zillow received about 19 million unique visitors in March and they are currently listing about 100 million U.S. homes. Zillow hit $10.6 million in revenues in 2008, $17.5 million in 2009, and $30.5 million in 2010. However income has been at a loss over the last 3 years.
In March 2011 Zillow was used over 8 million times on a mobile device. Over 1.4 million homes are viewed on mobile devices per day. Zillow is expecting the revenue growth rate to decline due to the maturation of their business. The costs are also expected to rise as they continue to invest in product development, marketing, and partnerships. Zillow raised about $87 million in funding from Benchmark Capital, Technology Crossover Ventures, PAR Capital Management, and Legg Mason.