Zillow Stock Sees 80 Percent Rise in Day One of Trading

Zillow Inc., which operates the real estate site Zillow.com, Zillow Mortgage Marketplace and Zillow Mobile, finished day one of trading on the the Nasdaq Global Market as shares closed at $36.14, up 81 percent. The compnay initially announced the pricing of the initial public offering (IPO) of 3,462,000 shares of its Class A common stock at $20 per share, as shares began trading on Wednesday under the ticker symbol "Z." The underwriters have a 30-day option to purchase up to an additional 519,300 shares of Class A common stock, to cover over-allotments, if any. All of the shares of Class A common stock are being offered by Zillow. Concurrent with the completion of the initial public offering, Zillow will complete a private placement of 274,999 shares of its Class A common stock, at $20 per share, to certain existing investors in Zillow. Zillow's earnings come from real estate and mortgage professionals as well as advertising. In mid-April, Ellie Mae hit the market at $6 per share, hit a high of $7.30, and is currently trading back down at $6.