Trulia Inc.'s stock soared 41% percent in its market debut on Thursday, as investors bet on an improvement in the real estate market.
The San Francisco-based online real estate listing service opened at $22.10 after pricing shares at $17. The shares ended at $24. The IPO raised $102 million.
Trulia's real estate website and mobile application provide data on home and neighborhood costs. It had 22 million monthly unique visitors in the six months that ended June 30.
Trulia's offering comes after a successful flotation last year from rival Zillow Inc. Shares of Zillow have more than doubled year to date, closing Thursday at $46.17, up 1.4% from Wednesday.
In its fiscal year 2011, Trulia's revenue nearly doubled to $38.5 million, while its net loss widened to $6.1 million, from $3.8 million in the previous year.
Trulia is one of seven IPOs that were set to hit the market this week after a month-long lull.
Late on Wednesday, four other deals priced, including commercial real estate investing firm Spirit Realty Capital Inc. and financial services firm National Bank Holdings. Results were mixed, however, with three of the companies pricing lower than expected.
Trulia's offering is being underwritten by JPMorgan, Deutsche Bank, RBC Capital Markets, Needham & Company and William Blair.
© 2016 Thomson/Reuters. All rights reserved.