Zillow Prices IPO Between $12 And $14 Per Share With Nearly $400 Million Valuation

Real estate listings site Zillow has just filed additional documents with the SEC indicating the initial range for the company’s upcoming IPO. Zillow’s price range will start at $12 to $14 per share, giving the company a $378 million valuation. The company aims to raise as much as $55.7 million in the IPO. Zillow will begin trading under the symbol “Z” on the NASDAQ.

Zillow, which initially filed its S-1 in April, currently lists over 100 million U.S. homes, including homes for sale, homes for rent and homes not currently on the market. Zillow launched a mortgage marketplace in 2008, and subsequently expanded into rentals and mobile.

The company’s traffic to its web and mobile sites is up 100 percent year-over-year and in May 2011, Zillow was used on a mobile device more than 8.8 million times, with more than 1.7 million homes viewed on mobile devices each day.

For the years ended December 31, 2008, 2009 and 2010, the company generated revenues of $10.6 million, $17.5 million and $30.5 million, representing year-over-year growth of 49%, 65% and 74%, respectively. And during the three months ended March 31, 2011, Zillow generated revenue of $11.3 million, as compared to $5.3 million in the three months ended March 31, 2010, an increase of 111%. Unfortunately, in terms of income, Zillow has been taking a loss for the past three years.

The company lost $12.8 million in 2009, and lost roughly half of that ($6.7 million) in 2010. The company, which launched to the public in 2006, also revealed that as of December 31, 2010, it has an accumulated deficit of $78.7 million. In the three months ended March 31, Zillow lost $826,000.

According to Experian Hitwise, Zillow.com is the third most visited Real Estate site in the U.S and received 5.36% of Real Estate visits in March 2011, which is a 53% increase compared to March 2010.

It should be interesting to see how Zillow will perform on the public markets. Some tech companies like HomeAway, Fusion-IO and Yandex have seen steady share values, whereas Pandora and LinkedIn saw huge fluctuations in share price. And the fact that Zillow hasn’t made a profit yet could influence this.