Updated from 4:15 p.m. ET with closing-bell prices.
NEW YORK (
shares rose but
finished unchanged on the first day of trading for both stocks.
Zillow shares closed at $36.14, up 81%, while Skullcandy shares finished at $20, exactly the same price as the initial public offering.
IPOs popped after the open on Wednesday.
Skullcandy reached a high Wednesday of $23.40, but slowly crept down during the noon hour to nab a low of $19.86. Zillow opened at $20 a share and leapt to $60 in the opening minutes, but quickly fell after buyers of the IPO got out with a 200% profit. Zillow never ducked below $32.50.
Zillow's opening was among a number of summer tech IPOs that waltzed onto Wall Street amid a great deal of pomp.
, the professional social-networking Web site, debuted on May 19 at $45 and rocketed to about $123 on its first day.
wasn't as fortunate. The Internet radio-streaming service opened at $20, but by its second day of trading, the shares had dropped $13.26.
Seattle-based Zillow, the third most popular real estate Web site in the U.S., raised $69.2 million by selling 3.46 million shares to the public. The shares were priced at $12 to $14 a share, then moved up to $16 to $18 before settling at $20 on Tuesday.
Zillow's earnings come from real estate and mortgage professionals as well as advertising. The company sells subscriptions to agents and has recently begun an agent review and rating tool. Zillow is also recognizing revenue from its strategic partnership with
real estate web site. Zillow provides the real estate listings for the Yahoo site and expects to see increases in marketplace revenues as a result of the partnership.
Revenue should grow from increases in Web site traffic, which has risen sharply since the company's launch in 2008. For the past three Decembers, monthly unique views have increased 48% in 2008, 38% in 2009 and 66% in 2010.
Skullcandy, based in Park City, Utah, raised $188 million through the offering after increasing the number of shares it issued. The company originally expected to reap $150 million by pricing shares at $17 to $19. However, the shares hit the market at $23. The company also increased the size of the offering to 9.4 million shares from the original plan to sell 8.4 million.
The company sells headsets or earphone buds through outlets like
. Skullcandy promotes its products as fashionable alternatives to the standard listening gear.
-- Written by Joe Deaux in New York.
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