Housing
Online Real Estate Firms Jockey for Position (TRLA, Z, MOVE)
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Trulia expects net proceeds of about $100.3 million, or up to $115.4 million if the underwriters exercise their purchase option. The company plans to use the proceeds for working capital and general corporate purposes, and expects to use “some or all of such net proceeds to acquire or invest in complementary businesses, products, services, technologies, or other assets.”
The competition in the online real estate sector is fierce, with Trulia, Zillow Inc. (NASDAQ: Z) and Move Inc. (NASDAQ: MOVE), which operates the Realtor.com site, all competing for eyeballs. Move announced a redesign of the Realtor.com website this morning and is promoting the speedy updates to its listings that are available through its smartphone apps. Zillow, too, has beefed up its mobile apps, and this is the likeliest target for Trulia’s hoped-for new cash.
Shares of Trulia are down about 1.3% this morning, at $30.06 in a 52-week range of $14.69 to $38.22.
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