BrokerageTechnology

Redfin IPO live blog: High-tech real estate brokerage goes public

Real-time coverage of a big test for real estate tech

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Update 4:00 p.m. EST:  Redfin shares closed at $21.70 on their first day of trading. That's up roughly 45 percent from Redfin's IPO price and pushes the high-tech brokerage's market cap over $1.7 billion. Big day for real estate. Could herald a flood of capital into the industry. Upate 3:25 p.m. EST:  Redfin's strong performance today is "a signal that investors are supportive of new models that change the traditional way real estate works," said Mike DelPrete, a real estate tech consultant. Who will Wall Street get behind next? Update 3:22 p.m. EST:  Redfin's stock has exploded, but Realogy and Zillow Group, widely considered Redfin's two top publicly-traded competitors, haven't seen their share prices suffer. Realogy's stock clocks at $32.97, up 0.15 percent today. Zillow Group shares are trading at $45.22, up 0.67 percent. Update 3:15 p.m. EST:  At $21.40, Redfin's stock price has surged roughly 43 percent above its IPO price, which was already $1 abov...