Trulia IPO Debuts at Premium
Trulia Inc. (NYSE: TRLA) has priced its initial public offering of 6 million common shares at $17.00 per share. The company is an online marketplace for homebuyers, sellers, renters and real estate professionals. This is a premium IPO as the $17.00 per share price is above the $14 to $16 expected price range.
Most of the shares are being sold by Trulia as it is offering 5,000,000 shares of common stock. Insiders and backers are selling an additional 1 million shares of common stock under the same terms.
The shares are expected to begin trading on the New York Stock Exchange Thursday under the symbol TRLA.
J.P. Morgan Securities and Deutsche Bank Securities Inc. are listed by Trulia as the joint book-running managers for this initial public offering. RBC Capital Markets, Needham & Company and William Blair & Company are listed as the co-managers for the IPO. Trulia has granted the underwriters a 30-day option to purchase up to 900,000 additional shares of common stock offered by Trulia at the initial public offering price to cover overallotments.
UPDATE: Shares of Trulia jumped 34% after the opening bell to $22.80.
JON C. OGG
Filed under: 24/7 Wall St. Wire, IPOs & Secondaries Tagged: TRLA