Realogy moving forward with $1B IPO

Most of proceeds will be used to pay off debt

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Realogy Holdings Corp. will soon become a publicly traded company again with an initial public offering of 40 million shares of common stock, which have been approved for listing on the New York Stock Exchange under the symbol "RLGY," the company said today.

Realogy — whose franchising, brokerage, relocation and title services brands and business units include Century 21, Coldwell Banker, ERA and Better Homes and Gardens Real Estate — said it will use proceeds of the offering primarily to repay more than $7 billion in outstanding debt. Much of that debt was incurred on when the company was taken private by hedge fund Apollo Management in 2006.