Trulia, an online real estate listing company, hit it out of the park Thursday in its first day of trading on the New York Stock Exchange. The stock priced at $17 per share and then opened at $22.10. It rose an eye-popping 48 percent to reach $25.20 per share at one point before settling in at $24 per share at the market’s close. It is almost enough to make one forget about the dismal track record of other recent tech IPOs — such as Zynga and, of course, Facebook — except that Trulia is not really a tech stock, for all its reliance on technology.
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Trulia Flies High but Could Fall Hard
Posted by: Erika Morphy September 21, 2012 12:18 PMTrulia, an online real estate listing company, hit it out of the park Thursday in its first day of trading on the New York Stock Exchange. The stock priced at $17 per share and then opened at $22.10. It rose an eye-popping 48 percent to reach $25.20 per share at one point before settling in at $24 per share at the market’s close. It is almost enough to make one forget about the dismal track record of other recent tech IPOs — such as Zynga and, of course, Facebook — except that Trulia is not really a tech stock, for all its reliance on technology.