Industry News

ZipRealty unleashes stock this week

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Online real estate brokerage ZipRealty is set to start offering shares on Wall Street this week at $10 to $12 per share, according to filings with the Securities and Exchange Commission. Its common stock will be listed 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. The Emeryville, Calif.-based company has been in the brokerage business since 1999. Zip warned investors in its SEC filings that its "Internet-enabled residential real estate brokerage business model remains relatively unproven" and that it will have to continue to recruit, hire and retain qualified agents and maintain access to MLS home listings in order to grow. "In addition, economic trends could have an impact on our business; for example, an increase...