Zillow Group is filling its war chest.
The Seattle-based listings colossus is looking to raise $650 million via concurrent offerings — $325 million in stock and $325 million in convertible bonds, the company said Wednesday in a regulatory filing. If the underwriters exercise their options to purchase an additional $48.75 million for each offering, the total raise could top $750 million.
In a statement, Zillow said it would use proceeds for general corporate expenses and to expand its current business through “acquisitions of, or investments in, other businesses, products or technologies.”
A spokesperson for Zillow said the funds would not fund its nascent Instant Offers program, a home-flipping business that launched this spring in Phoenix. Earlier this month, Zillow expanded the so-called “iBuyer” program to Las Vegas, keeping pace with rivals like Redfin and Opendoor, which are also betting on the space.
During an earnings call last month, Zillow CEO Spencer Rascoff said the company intends to expand Instant Offers “as quickly as makes sense.”
In February, Zillow posted a record $1.077 billion in revenue for 2017. Revenue from Premier Agent, its agent-advertising program, jumped 26 percent to $761.6 million, representing 70 percent of Zillow’s annual earnings. Zillow lost $94 million in 2017.