BrokerageIndustry News

Realogy IPO on for Thursday

Shares priced at high end of expectations

Real estate brokerage and franchise giant Realogy Corp., has priced its initial public offering of stock in the company today at $27 per share, clearing the way for public trading of company common stock on the New York Stock Exchange Thursday morning under the ticker "RLGY." Realogy filed paperwork with securities regulators on Sept. 27 saying it expected to price the offering at $23 to $27 per share, and raise up to $1.24 billion before expenses. The offering priced at $27, Realogy announced today.At $27 per share, the IPO of 40 million shares will raise $1.08 billion before expenses. Underwriters have the option to purchase up to 6 million additional shares at the offering price, minus discounts and commissions, which would increase the total raised to $1.24 billion before expenses. Realogy has said it will use proceeds of the offering primarily to repay more than $7 billion in outstanding debt, much of which was incurred when the company was taken private by ...