Trulia ended its first day of trading at $24.12 a share, an impressive gain of nearly 42% for the day.
The online real estate listings company made its trading debut on the New York Stock Exchange at $22.10 a share, an increase of 30% from the $17 IPO price set by the company the night before. Trulia had previously announced that it expected to price the IPO at $14 to $16 a share, but the company increased it at the last minute.
Trulia’s stock went as high as $25.20 a day before dipping back down slightly to end the day. The company sold 6 million shares at $17 each, raising $102 million in its public offering.
Zillow, Trulia’s chief competitor in the online real estate space, more than doubled at one point in its first day of trading before ending the day up 79%. The company went public in July 2011 at $20 and now trades at about $46 a share.
While Trulia may not have enjoyed quite as much of a spike as Zillow in its first day of trading, it did end up having the 10th best IPO debut of any company this year, according to The Wall Street Journal.
Trulia’s performance is all the more noteworthy considering some of the more high-profile tech IPO collapses in recent months like Facebook, which barely managed to stay above its IPO price in the first day of trading and later fell below half that value.
Trulia’s IPO wasn’t anywhere near as hyped as Facebook’s IPO, and the company already has a business model in place to monetize with a mix of advertising and subscription fees.
Image courtesy of Facebook, Trulia
Read more: http://mashable.com/2012/09/20/trulia-ip/