Zillow Plans Secondary Stock Offering
Zillow is planning to raise some new capital by means of a secondary stock offering.
The real estate information website will issue a public offering of 3,175,000 Class A common shares. Shareholders will sell an additional 325,000 shares of Class A common stock.
The company said it would use the money from the offering for corporate purposes such as working capital, sales, marketing and administrative purposes, according to a press release. Zillow may also use some of the money for acquisition purposes and investment purposes, according to the company's statement.
Citigroup will be the lead bookrunner and Goldman Sachs will be a joint bookrunner for the offering. Allen & Company, Pacific Crest Securities, ThinkEquity and Canaccord Genuity will be co-managers.