During Zillow's second-quarter earnings call, TheStreet asked Rascoff about doing a follow on offering, considering the stock price had run up sharply prior to the release. CEO Rascoff said the company had "nothing to announce right now in terms of a follow on offering."
Zillow's share price has soared since the start of the year, as the real estate market has come back sharply off the lows and continues to be a positive point in the economy. Shares are up 228.7% year-to-date, drastically outperforming the 19.3% gain in the Nasdaq.
Citigroup is the leading bookrunning on the offering, with Goldman Sachs acting as the joint bookrunning manager. Allen & Company, Canaccord Genuity, Pacific Crest Securities, and JMP Securities are co-managers of the offering. The underwriters will have a 30-day option to purchase up to an additional 753,522 shares.--Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
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