from WSJ:
"Zillow Inc. surged its first day of trading as the real-estate website limited the number of shares being sold despite high demand, giving the unprofitable Internet company a valuation of more than $1 billion.
Zillow's tiny 3.5-million-share deal opened at $60 on Nasdaq, triple its $20 IPO price. The stock quickly shed some of its early gains, and continued to edge lower as the hours ticked by; it was changing hands recently at $38.84, up 94%.
Zillow is the latest in a string of hot consumer Internet companies this year that has kept a tight lid on the number of shares it floats in its IPO, a strategy that results in outsized demand for a limited supply.
(http://online.wsj.com/article/SB10001424053111903…)
Sounds like they really struck when the iron was hot.
So are they overvalued? anyone jump on the IPO?
It's an interesting/useful website. Will be curious to see how it monetizes.
I just think that this is a joke. Zillow has absolutely no real value.
It is overvalued without a doubt. The offering was so small, but the institutional guys that wanted a piece of the pie, did not get as big of a piece as they wanted due to it being such a small offering...the market will correct the valuation..Zillow is not a Billion dollar company with their ~11M (or whatever it was) Q1 revenue numbers.
Interesting IPO to say the least
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