Industry NewsNews Brief

Zillow looking to raise more than $100 million

Proceeds of follow-on offering likely to exceed IPO

Editor's note: This story has been corrected to note that an offering of Zillow shares that closed Sept. 24 was a follow-on offering dilutive to existing shareholders, not a secondary offering of previously issued shares.  Zillow Inc. could raise more than $100 million in additional capital through a follow-on offering of more than 3 million shares announced by the company today.Zillow said it will offer 3.175 million shares of Class A common stock to increase the company's "public float" and raise additional capital.At Zillow's closing price today of $42.43, the offering would raise about $134.7 million before expenses, although the company's share price was down slightly in after-hours trading. That would exceed the $75.7 million Zillow raised in a July 2011 initial public offering and private placement of 3.7 million shares priced at $20 each.Zillow is granting underwriters an option to purchase up to 525,000 additional shares of Class A common stock. In addition, existin...