BrokerageIndustry News

Realogy moving forward with $1B IPO

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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 when the company was taken private by hedge fund Apollo Management in 2006. Since then, Realogy has reduced its expenses by $500 million, primarily through reductions in salaries and related employee expense, occupancy costs and marketing expenses. The company had 10,400 employees at the end of 2011, down from 15,000 at the start of 2006, and consolidated or closed 358 brokerage offices during that period.  Righ...