Trulia, the real estate listings site that went public last year, is looking to raise about $150 million through selling previously locked up shares. The company will use the funding to purchase acquisitions.
In an SEC filing, the company indicated it would offer about 5.25 million shares in a primary and secondary offering. About 1.75 million of those will come from stockholders, while 3.5 million will come from inside Trulia. The latest reporting price on the company was $30.44 per share on the New York Stock Exchange. The sale could raise as much as $164 million.
The company has been saving its piggy bank. It hasn’t made an acquisition since its purchase of Movity in 2010, biding its time for the right sale. Its team has spent the last year or so evaluating startups but has chosen to build their own solutions rather than acquire technology off the shelf.
Trulia powers the search for a home with a system that makes it easy to search and track properties. The company provides easy to find relevant data about crime. It has more than 5 million homes listed on the site. It recently added a “suggests” feature that works similar to Netflix in suggesting recommendations based on viewing history and personal preferences.
About two thirds of the money raised will go to the company’s cash reserves.
Though the company has been successful in connecting with an online audience, the company still reported a $1.59 million net loss, though down from the loss of $2.5 million the year before.