Real estate behemoth Zillow went public today to much fanfare.
After an original IPO price target of $12-$14, which later rose to $16-$18 before settling in at $20, shares opened strong this morning under the “Z” stock symbol.
As of the early afternoon in New York, shares were going for $34.75, up 73.75% from the final IPO price.
Per Yahoo! data, Zillow opened at $57 per share, and briefly touched $60, before settling in quite a bit lower.
Still, the company looks to be benefiting from a strong IPO market and a recent resurgence in websites going public (hopefully this isn’t another dot-com bubble in the making).
The Zestimate Company
Zillow is probably best known for providing so-called “Zestimates,” which are rough house value estimates that many feel are less than accurate and a far cry from a true appraisal.
Zillow offered 3,462,000 shares, valuing the company at roughly $70 million, though with today’s spike it’s now valued at about $120 million.
What do you think – are shares of Zillow overvalued or undervalued? It’s certainly one of the premier properties on the web, which makes me think it’ll do well over time.