BrokerageIndustry News

Realogy IPO extends real estate industry’s winning streak

Shares trading up more than 25 percent in debut

Editor's note: This story has been corrected to note that an offering of Zillow shares that closed Sept. 24 was a follow-on offering dilutive to existing shareholders, not a secondary offering of previously issued shares. The real estate industry extended its perfect track record in the initial public offering arena today as shares in Realogy Corp. soared above the $27 price set by the company Wednesday.Shares in the brokerage and franchise giant opened at $32.90 and were trading above $34 on the New York Stock Exchange this morning. Realogy's IPO is the third largest this year, behind Facebook and Santander Mexico Financial Group, Reuters reports.But the $7 difference between the $27 price Realogy obtained from the deal's underwriters and the $34 value investors placed on the 40 million shares made available to them today suggests Realogy left more than $200 million on the table, but stoked investor interest.Realogy is a pure way to take advantage of the recovering housing market, s...