Real-estate website Trulia Inc. has filed a preliminary Form S-1 with the SEC for an IPO to raise $75 million. The company offers free and paid subscription home search products for both home buyers and real-estate professionals. Shares would trade on the NYSE under the TRLA symbol.
According to the filing, the company had 22 million unique visitors in the six-month period ending in June, including 360,000 real-estate professionals, of which 21,544 are paying subscribers.
The filing did not include the number of shares to be offered. Trulia explained how it plans to use the proceeds from the IPO:
We currently intend to use the net proceeds of this offering for working capital and other general corporate purposes. We may also use a portion of the net proceeds to acquire or invest in complementary businesses, products, services, technologies, or other assets.
Following the IPO the company said the number of shares outstanding would include the 63.9 million shares currently outstanding plus about 12 million additional options and warrants at strike prices between $1.43 and $5.51 per share.
The company reported that its operating loss for 2011 totaled $6.16 million, and that for the first six months of 2012 the operating loss totals $7.64 million. Trulia’s adjusted EBITDA loss for 2011 totaled $1.79 million, and the company reported an adjusted EBITDA loss through June 2012 of $4.23 million.
Underwriters of the offering include JPMorgan, Deutsche Bank, RBC Capital Markets, Needham & Co. and William Blair. Venture firms Accel Partners and Sequoia Capital own about 15 million and 7 million shares, respectively.
The full filing is available here.
Paul Ausick
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