SAN FRANCISCO (AP) — Shares of Trulia Inc. jumped about 38 percent in their first hour of trading on the New York Stock Exchange.
The San Francisco-based real estate website operator's shares opened at $22.10 Thursday morning, after pricing at $17 the previous day. By midmorning, the shares were up $6.49, or 38 percent, to $23.49 after trading as high as $24.18.
They are trading under the symbol "TRLA."
The company and its shareholders planned to sell 6 million shares in the IPO for proceeds of about $102 million. Trulia itself aimed to sell 5 million shares, and won't receive proceeds from stockholders' sales of the remaining 1 million shares. The banks managing the IPO may buy another 900,000 shares if demand is high.
Earlier this month, Trulia estimated its shares would sell for $14 to $16 each. The $17 IPO price indicates solid demand for the offering.
The company said it plans to use the net proceeds from the offering for working capital and general corporate purposes, along with the possible acquisitions of other businesses.
Trulia operates the website Trulia.com and mobile apps. It allows people to research home listings and neighborhoods, while helping real estate agents market their listings. Its database includes 4.5 million homes for sale and rent.
In the six months ended June 30, the site had 22 million unique visitors and 360,000 active real estate professionals, with 21,544 of those paying subscribers. Most of the company's revenue comes from sales of subscription products to real estate professionals. Trulia also generates revenue from ads.
In 2011, the company posted a loss of $6.2 million on $38.5 million in revenue. In the six months through June 30, its loss came to $7.6 million on revenue of $29 million.