Trulia Inc. has priced its planned initial public stock offering above its expected range, at $17 each. The stock is expected to begin trading Thursday on the New York Stock Exchange under the ticker “TRLA.”
The company and its shareholders intend on selling 6 million shares, which at $17 apiece, the offering would raise $102 million.
The $17 IPO price indicates solid demand for the offering. The initial estimated price per share was $14 to $16 per share.
Trulia aims to sell 5 million shares itself, and would not receive any proceeds from stockholders’ sales of the remaining 1 million shares. The banks which are managing the IPO can buy another 900,000 shares if demand is high.
San Francisco-based Trulia intends on using the net proceeds from the offering for working capital and general corporate purposes, along with the possible acquisitions of other businesses.
Most of the company’s revenue comes from sales of subscription products to real estate professionals. Trulia also generates revenue from ads.
In the six months ended June 30, the company claims the trulia.com site had 22 million unique visitors and 360,000 active real estate professionals, with 21,544 of those paying subscribers.