Industry NewsNews Brief

Who got rich off of Trulia IPO?

Co-founders Pete Flint and Sami Inkinen top the chart

Editor’s note: This story has been updated.

Trulia Inc. co-founders Peter Flint, 37, and Sami Inkinen, 36, cashed in on stock worth $3.88 million and $3.56 million, respectively, during Trulia’s initial public offering.

Both Flint and Inkinen held on to about 10 times as many shares as they sold, as the company they founded in 2004 finished its first day of trading Thursday with a market capitalization in excess of $500 million.

Flint continues to lead the company as CEO. Inkinen shed his role as president with the company in March and remains on the board of directors.

Flint and Inkinen have significant outstanding stock and options to buy shares which, if valued at Thursday’s closing price, would be worth $65.03 million and $49.47 million, respectively..

After opening at $22.10, shares in Trulia closed at $24 at the end of their first day of trading on the New York Stock Exchange, up 41 percent from the IPO price of $17.

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Other executive officers and directors sold shares, but, like Flint and Inkinen, held on to the majority of their stock and options.

Trulia shareholder, title Shares sold at IPO IPO revenue at $17 per share Shares owned after IPO* Value of remaining shares at Thursday’s closing price of $24
Peter Flint, co-founder and CEO 209,600 $3.56 million 2.71 million $65.03 million
Sami Inkinen, co-founder 228,400 $3.88 million 2.06 million $49.47 million
Sean Aggarwal, CFO 0 N/A 241,772 $5.8 million
Paul Levine, COO 48,200^ $819,400 175,033 $4.2 million
Daniele Farnedi, VP of engineering 20,300^ $345,100 157,739 $3.79 million
Robert Moles, board member 11,900^ $202,300 120,350 $2.89 million
Erik Bardman, board member 0 N/A 24,500 $588,000
Scott Darling, VP, general counsel 8,700^ $147,900 13,462 $323,088

^Acquired through option exercise. *Includes options to purchase shares that in some cases will not vest until on or after Oct. 30. Source: Trulia U.S. Securities and Exchange Commission regulatory filing (Sept. 19, 2012).

Former Current TV president of new media Paul Levine, Trulia’s chief operating officer, joined Trulia in February 2011 and sold 48,200 of his allotted stock with the IPO worth $819,400. He has outstanding stock or options to buy shares now worth $4.2 million.

Trulia chief financial officer Sean Aggarwal, who held on to all of his stock through the IPO, joined the company with Trulia general counsel Scott Darling late last year.

Aggarwal owns or has an option to purchase 241,772 shares worth $5.8 million at today’s closing share price. Darling sold 8,700 shares in the IPO for $147,000 and owns or has options to purchase 13,462 more worth $323,088 at the current share price.

Existing shareholders selling stock today would have netted less than the full proceeds after expenses, including the cost of exercising options.

Trulia’s management team now owns 38.9 percent of Trulia’s stock, down from 50 percent before the IPO.

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