BrokerageTechnology

Redfin prices IPO at $15, valuing the tech-powered brokerage at $1.2B

In a major milestone for real estate, 13-year-old Seattle-based company raises $138M

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Redfin has announced the pricing of its initial public offering (IPO) at a strong $15 per share, putting the Seattle-based real estate brokerage's value at $1.2 billion and raising $138 million for the company. The initial offering included 9,231,000 shares of Redfin's common stock. It also granted underwriters a 30-day option to purchase up to an additional 1,384,650 shares of common stock at the IPO price. Led by CEO Glenn Kelman, Redfin offers traditional real estate services powered by its proprietary technology and collects a commission between 1 percent and 1.5 percent per transaction. “Technology is how we sell homes for more money and charge half the typical fee,” Kelman said in a "road show" video pitch to investors. “Technology is how we meet our customers at a scale that other brokerages can’t.” Some of these technology offerings include Redfin’s popular property-search site, mobile app, on-demand showings and what the company claims is the best hom...