| July 25
July 25 Trulia, an online real estate listing
service, has filed confidentially for an initial public
offering, becoming the latest company to take advantage of a new
U.S. law, according to several sources familiar with the
JPMorgan Chase & Co and Deutsche Bank AG
are advising the company, one of the sources said.
Investors in Trulia, which competes with real estate search
engine Zillow Inc, include venture capital firms Sequoia
Capital and Accel Partners.
Trulia, JPMorgan and Deutsche Bank declined to comment.
Sequoia Capital and Accel Partners could not be reached for
After concerns about the European debt crisis and fallout
from Facebook Inc's public debut froze deal activity for
several weeks, the IPO market has shown some signs of thawing,
particularly in the technology sector.
In late June, IT software company ServiceNow helped
to open the IPO window, raising $209.7 million in an initial
public offering that priced above its expected range.
Shares of both software security company Palo Alto Networks
Inc and online travel company Kayak Software Co
soared last week during their public debuts.
Trulia is using provisions of the JOBS Act that allow
so-called emerging growth companies with less than $1 billion in
revenue to file confidentially for IPOs, while letting them
sidestep some financial reporting requirements.
The JOBS Act provisions are attractive to companies because
the companies can resolve regulatory issues behind closed doors
and, if need be, withdraw an offering without the stigma
attached to doing so.
Some 30 to 32 companies have taken advantage of a
confidential filing provision since the JOBS Act was passed in
April, the Securities and Exchange Commission said last month.
Other companies that have taken advantage of the provision
include Silicon Valley business software company Workday Inc,
British soccer club Manchester United and online legal document
preparation service LegalZoom.com.
Companies must make their S-1 registration statements
available to the public at least 21 days before their marketing