Yesterday's initial public offering of HouseValues stock provided further evidence that investors have lost their post-crash skittishness about Internet-based IPOs. Bellevue-based HouseValues, along with...
Yesterday’s initial public offering of HouseValues stock provided further evidence that investors have lost their post-crash skittishness about Internet-based IPOs.
Bellevue-based HouseValues, along with several of its investors and executives, sold 6.25 million shares at $15 apiece yesterday the high end of its estimated price range, which itself had been raised earlier this week.
Originally, HouseValues had said it expected the shares to sell for $10 to $12 apiece.
The shares began Nasdaq trading at $18.01, the sort of opening-day pop that hasn’t been seen much in recent years. But the shares gave back most of that gain, closing the day at $15.74.
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Still, the IPO has to be counted a success for pre-IPO investors and employees of HouseValues, which uses the Internet to connect real-estate agents with home buyers and sellers.
HouseValues, which sold 4,166,667 new shares in the IPO, grossed about $62.5 million from the deal; the selling shareholders grossed about $31.25 million.
It’s the biggest IPO by a Washington-based company since ZymoGenetics went public in January 2002.
HouseValues is the fourth local Internet company to go public this year the most since 2000.
The other three companies Marchex and Blue Nile of Seattle and Celebrate Express of Kirkland are all trading above their IPO price; the latter two, like HouseValues, sold above their initial price range.
Drew DeSilver: 206-464-3145 or email@example.com