Trulia Inc., the first initial public offering in over a month, is making quite a debut after opening higher by 30% on the New York Stock Exchange this morning. Shares of the online real estate listing company opened at $22.10 after pricing at $17 a piece last night; above the targeted range of $14 - $16. In IPO filings the company reported a loss of $7.6 million on revenue of $29 million in the first half of the year.
Though they're not turning a profit yet, user growth and the number of visitors and subscribers remain promising and today's over 40% rise underscores that sentiment. Not only is this an upbeat sign for the IPO market, it could mark improved confidence in the real estate market.
"I think a lot of it is Bernanke pushing out rates all the way to 2015," says Jon Najarian, co-founder of trade monster.com
http://www.trulia.com/
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