Trulia, the online real estate listings giant, has now publicly filed an IPO of up to $75 million — effectively confirming reports from the end of July that the company had already filed for an IPO privately. The company’s S-1 also provides an update on the state of the business, showing some encouraging signs of user growth.
It says that as of June 30, 2012, it has 22 million monthly unique visitors, up from 5 million in June 2009; and paid subscribers — its primary source of revenue, in addition to online ads — have also grown massively. They’re now at 21,544 versus 2,398 two years ago. Revenues in the last six months appear to be growing compared to last year: $29 million today versus $16 million for the period a year ago ($38.5 million for all of 2011). Meanwhile, net losses are also growing: they’re now at $7.6 million ($6.2 million last year).
Average revenues per user are up, however. They are now at $1,318 compared to $1,194 a year ago for the first six months of the year, or $140 versus $91 for monthly revenues.
Trulia, which has picked up $32.8 million in VC backing from Sequoia, Accel and others, is looking to public markets to raise significantly more money to better compete against its bigger rival Zillow.
Its $29 million in revenues for six months puts Trulia at about half the size of Zillow at the moment in terms of sales. The latter company reported in Q2 that it had sales of $27.8 million for the quarter. It also has 33.5 million monthly unique users at the moment. Both companies, which offer listings but lots of new technology to better search those listings, are going after a market that has been in the doldrums for the last couple of years.
In Trulia’s case, it offers mobile apps and supplements listings data with local information on schools, crime, and neighborhood amenities to provide unique insights into each community, as well as a social media bent, letting users contribute local information. It says it’s had 5 million unique user contributions to date.
The private filing at the end of July is possible because of a provision in the JOBs Act, which lets companies with less than $1 billion in revenue to file without listing publicly with the SEC. Reuters points out that this lets the companies “sidestep” some reporting requirements. It also means that companies can avoid scrutiny if they decide to withdraw the IPO.
Seems that Trulia got the all-clear internally and with its financial advisors, which include JP Morgan and Deutsche Bank; hence the public filing today.