Trulia is heating up the market with its debut Thursday, as the company’s stock, at the market’s open, popped over 30 percent from its initial offering price of $17. And then, kept going.
The online real estate listing company’s 6 million shares opened at $22.10 per share. As of 2 p.m. Eastern, the stock was priced at $24.95, up over 46 percent from the market’s open.
Early investors are likely hoping the stock will see the same long-term success as Trulia competitor Zillow, which had its IPO in July 2011.
On its debut day, Zillow shares more than doubled in early trading, then settled a bit but remained well above the IPO mark of $20 per share. The company’s growth and strong margins have made it an attractive stock to investors, according to a Wednesday report on Daily Finance by Dan Caplinger of The Motley Fool. On Thursday at 2 p.m., Zillow was trading at $46.21.