Zillow is valued at a little more than double Trulia's market cap, and rightfully so.
Trulia city retreat generator#
In other words, it's already worth more than parent Move ( NAS: MOVE), and real estate lead generator Market Leader ( NAS: LEDR). With 26.3 million shares outstanding after this morning's IPO, Trulia opened with a valuation of roughly $580 million. The lack of profitability may be a deal breaker to some investors, but that's nothing that a few more quarters of heady growth won't remedy. Revenue growth decelerated to 78% through the first half of this year, but that's obviously not too shabby. Revenue climbed 91% in 2009 and 95% to $38.5 million last year. It has yet to turn a profit, but it's certainly growing. It's barely trading above last year's $15 debut, but at least it's not a busted IPO like so many of the other ballyhooed dot-coms that have crashed and burned over the past year. Bankrate ( NAS: RATE) - the popular aggregator of mortgage rates and other interest rate information - hasn't done as well. The housing market is finally showing signs of life, and larger rival Zillow ( NAS: Z) has more than doubled since last summer's IPO at $20. It's a good time for a growing real estate website operator to go public. The stock opened at $22.10 shortly after this morning's opening bell. Trulia ( NYS: TRLA) priced its IPO at $17 a share last night, just above its earlier range of $14 to $16.
It's all about location, location, location.
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