Zillow IPO Shares Dropping Like A Rock

Well, that was fast. After opening at a sky-high $60 a share in its IPO today, 200 percent above where it was priced, the market is bringing Zillow back down to reality. The shares are already 45 percent off that first trade, dropping down to around $33 in midday trading. Most investors never paid that $60. The shares almost immediately hit the mid-$40s this morning, but they've continied to decline. Anyone who chased this hot IPO on opening day was likely to get burned unless they were lucky enough to get some IPO shares allocated to them by their brokers at the $20 IPO price. (IPO shares are priced by the investment banks, but then typically pop on the first trade, which is when most people can start buying them).

Source: http://feedproxy.google.com/~r/Techcrunch/~3/EQpUVor810c/

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