Industry News

HouseValues sets stock price at $10-$12

Online real estate marketing company sets IPO at 4.8 million shares

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HouseValues plans to price company shares for its initial public offering at $10 to $12 per share, according to new filings with the Securities and Exchange Commission. The technology company specializing in matching real estate agents with consumers has applied to list its common stock on the Nasdaq National Market under the symbol "SOLD." The company set its IPO at 4.8 million shares, which it expects to net proceeds of about $57.5 million. HouseValues has no specific plan for the capital, but said it may use some proceeds to develop additional products and services, or to acquire or invest in businesses, products or technologies complementary to its core products, such as those in connection with residential mortgage-related services. HouseValues first filed for its IPO in September, saying it expected to raise up to $86.3 million from the offering. The company generated revenues of $25.1 million for 2003, and $33.3 million for the nine months ended Sept. 30, 2004. Net income was ...