DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 21, 2012
Shares in real estate Web site Trulia topped expectations following its initial public offering (IPO) Wednesday, soaring on its opening-day trading on the New York Stock Exchange. Trulia’s IPO price was $17, but shares jumped to $22.10 on opening day. Shares continued to climb in trading and closed at $24, up 41 percent, The Wall Street Journal reports.
It was the largest first-day gain made by an IPO since July, when Five Below Inc. saw its IPO soar 56 percent.
"It's been super exciting — this is historic moment for us as a company," Pete Flint, Trulia's founder and chief executive, told The Wall Street Journal.
The housing recovery has prompted other real estate stocks in recent months to take off too. Trulia’s chief rival, Zillow, has also seen its shares rise rapidly since its IPO debut July 2011. Since that time, Zillow’s shares have more than doubled.
Source: “Trulia Soars 41% in Debut,” The Wall Street Journal (Sept. 20, 2012)
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