August 17, 2012 3:15 pm EST - Trulia's (PrivCo Private Company Ticker: TRULIP) IPO will no longer be "Confidential", PrivCo sources confirm. Trulia, which first filed last month under the recently enacted JOBS Act provisions allowing for confidential IPO filings with the S.E.C., has decided to abandon the confidential IPO option. Trulia's decision is the first abandonment of the new confidential IPO path that PrivCo has on record, and could indicate the confidential IPO option is less attractive in practice as it limits the ability of private companies to openly market the IPO to prospective investors.
Trulia's IPO comes on the heels of strong recent performance from Zilllow (NYSE: Z), which went public in 2011 and has performed well post-IPO. Trulia's mobile traffic growth has been stunning, and in fact Trulia (like Zillow) may even benefiting from the rapid shift to mobile devices, as house-hunting - and browsing neighborhood home listings - are activities inherently performed while the user is "on the go."
Click Here For Access To PrivCo's Trulia Report
PRIVCO's SUMMARY OF KEY FACTS ON TRULIA:
Trulia (PrivCo Private Company Ticker: TRULIP)
Revenue: $38.5 M (2011), $19.8 M (2010), $10.3 M (2009)
1 Year Revenue Growth: 94.6%
Offering Amount: $75 million
Proposed Ticker: NYSE:TRLA
Underwriters: J.P. Morgan, Deutsche Bank, RBC Capital Markets, Needham & Company, William Blair
Funding Raised To Date (Including Debt): $42.8 M
Ownership: Accel (23.6%), Sequoia Capital (10.9%), Fayez Sarofim Investment Partnership (19.6%)
Use of Funds: General Corporate Purposes (Working Capital)
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