Trulia finally to go public
After a long wait for the announcement, Trulia has filed their registration statement with the U.S. Securities and Exchange Commission (SEC), offering six million shares of its common stock at a price to the public of $17.00 per share, and five million shares of common stock and certain selling stockholders are offering 1,000,000 shares of common stock.
According to a statement from Trulia, they have 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 (IPO) price to cover over-allotments, if any. The shares are expected to begin trading on the New York Stock Exchange (NYSE) on September 20, 2012 under the symbol “TRLA.”
The long road to going public
For quite some time, we have been waiting for Trulia to pull the trigger on going public, predicting in 2011 that this would be the year. The company originally filed in July for an IPO through a new provision of the JOBS Act, which allows companies with under $1 billion in revenue to file for a public offering without disclosing publicly to the SEC.
This spring, the real estate media company hired JPMorgan Chase and Deutsche Bank to oversee the IPO process and brought on IPO advisory firm, Class V Group’s Lise Buyer to guide them.
It became clear that Trulia was inching closer to going public when the company hired high caliber senior management in December 2011, Sean Aggarwal as the new Chief Financial Officer, and Scott Darling as General Counsel, both of whom have experience in scaling companies, signaling preparations for going public.
“As Silicon Valley veterans who’ve played crucial roles in other fast-growing tech companies, Sean and Scott will immediately play a crucial role in helping Trulia navigate an exciting, new path at rapid speed,” Trulia’s Head of Communications, Ken Shuman told AGBeat last year.
The company will now join Zillow and Move, Inc. in the ranks of publicly traded real estate media companies, thus making what the industry calls the “big three” legitimately the big three.