Zillow (Z), which operates a leading online real estate marketplace in the US, raised $70 million by offering 3.5 million shares at $20, above its upwardly-revised range of $16 to $18. The company's shares currently trade in excess of $40, after soaring to $60 in its first trade. Such strong results mean that Zillow may be on track to post the best first day return of any US IPO this year. A number of technology companies have received enthusiastic welcomes this year, including social networking site LinkedIn (LNKD), which posted a 109% first day pop from its offering price, and Chinese Internet company Qihoo 360 (QIHU), which returned 135% on its debut.
Top First Day Gains in 2011
| Company Name | Symbol | Offer Date | Offer Price | First Day Return |
|---|---|---|---|---|
| Qihoo 360 Technology | QIHU | 03/29/11 | $14.50 | 134% |
| LNKD | 05/18/11 | $45.00 | 109% | |
| Zillow, Inc. | Z | 07/19/11 | $20.00 | 79% |
| Zipcar | ZIP | 04/13/11 | $18.00 | 56% |
| Yandex N.V. | YNDX | 05/23/11 | $25.00 | 55% |
| HomeAway, Inc. | AWAY | 06/28/11 | $27.00 | 49% |
| Cornerstone OnDemand | CSOD | 03/16/11 | $13.00 | 47% |
| Epocrates | EPOC | 02/01/11 | $16.00 | 37% |
| Phoenix New Media Limited | FENG | 05/11/11 | $11.00 | 34% |
| Demand Media | DMD | 01/25/11 | $17.00 | 33% |
