Redfin files to go public, seeking $100M

Seattle tech broker also announces iBuyer program, Redfin Now

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Seattle-based tech brokerage Redfin has filed to go public, today registering its S-1 with the Securities and Exchange commission and pricing its initial public offering (IPO) at $100 million. The real estate company, led by CEO Glenn Kelman, offers traditional real estate services alongside lower commissions and innovative technology, allowing it to sell homes for more money and with a higher success rate than traditional agents, Redfin says. It launched in 2004 and began offering homebuying and selling services in the Pacific Northwest starting in 2006 and sprawling across the U.S. over the last decade for a total of 80 markets. This step is a test for not only Redfin, but other innovative real estate business models to see whether the public markets will hold up their private investor valuations. If successful, it could free up more investment capital. No online residential real estate company has filed to go public since Zillow (2011) and Trulia (2012). In the S-1, Red...