Zillow Soars 200 Percent In First Trade With Over $1 Billion Valuation

Shares of real estate listings site Zillow began trading on the NASDAQ under the symbol 'Z' today, opening at $60 per share. This gives the company a whopping $1.6 billion valuation. Zillow priced its IPO at $20 per share yesterday, after upping the pricing of its IPO to $16 to $18 per share, from the initial range of $12 to $14 per share . While the stock price soared to $60 per share in first trade but has dropped to $43 per share. Zillow raised $69 million in the offering. According to Experian Hitwise, Zillow.com is the third most visited Real Estate site in the U.S and received 5.36% of Real Estate visits in March 2011, which is a 53% increase compared to March 2010. While Zillow is growing traffic, the company has been taking a loss in terms of net income for the past three years. But the company is cash-flow positive.