Industry News

ZipRealty sets stock price at $10-$12 a share

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ZipRealty plans to price company shares for its initial public offering between $10 and $12 per share, according to new filings with the Securities and Exchange Commission. The online real estate brokerage has applied to list its common stock on the Nasdaq National Market under the symbol "ZIPR." The company set its IPO at 4.55 million shares, which it expects will net proceeds of about $44.5 million, and said it will use money raised from the offering to generate working capital. Zip also said it might use some of the proceeds for potential acquisitions. Through the first nine months of this year, ZipRealty generated $44.7 million in revenue and had $2.24 million in net operating income, according to the filings. "We returned to profitability in the second and third quarters of 2004, primarily as a result of higher average net transaction revenue and increased transactional volume due to our increased ZipAgent force and seasonal factors," Zip stated in the filings. Zip agents earn ...