Industry NewsTechnology

Zillow said to be closer to IPO

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Zillow Inc. is reportedly one step closer to becoming a publicly traded company, having hired Citigroup Inc. to handle an initial public offering, Bloomberg reported, citing three anonymous sources "with knowledge of the company's plans."Citigroup Inc. will help Zillow file a prospectus with the U.S. Securities and Exchange Commission and sell its shares to the public, Bloomberg said, but the timing of the filing is unknown.Zillow, which gathers data on millions of properties from public records and other sources including multiple listing services and brokerages, uses computer algorithms to estimate property values and rents.Advertisers include real estate agents, mortgage originators, and others offering services to homebuyers, sellers and renters.Last month, Zillow said it had begun feeding for-sale listings to Yahoo Real Estate and selling advertising on both sites, under the terms of an agreement announced in July.Zillow has raised $87 million from outside investors in t...