Supernova Partners Acquisition Company, Inc., the former Zillow chief executive’s special purpose acquisition company, upsized its initial public offering due to high demand.

A new venture from Spencer Rascoff, the former co-founder and CEO of Zillow, is making its public debut today, trading on the New York Stock Exchange.

Spencer Rascoff | Photo credit: Twitter

Supernova Partners Acquisition Company, Inc., is a special purpose acquisition company that, after going public, will seek to merge or acquire a privately held company, with the purpose of taking that company public.

“Supernova intends to partner with an advantaged growth company that benefits from thematic shifts and tech-enabled trends, with large addressable market, competitive differentiation and a transparent corporate culture anchored in strong values,” the company said in a statement.

The company’s initial public offering is being upsized to 35 million stock units at a price of $10 per unit. A spokesperson for the company told Inman that Supernova upsized its initial public offering due to demand.

Joining Rascoff as co-chair is Alexander Klabin, a veteran investor who is set to become executive chairman of Sotheby’s Financial Services.

Robert Reid, a former senior managing director at Blackstone, will serve as CEO. Michael Clifton, most recently a senior investment professional at The Carlyle Group, will serve as chief financial officer.

A SPAC is essentially a shell company that acquires another company with the sole purpose of taking it public and has no other business. It’s a business move that has been employed more frequently in recent months, as tech companies look to go public.

Opendoor — a top rival of Zillow’s in the iBuying space — recently went public through a merger with Social Capital Hedosophia Holdings Corp. II, a SPAC founded by Chamath Palihapitiya, also the chairman of Virgin Galactic.

The SPAC route allowed Opendoor to disclose specifics about the company’s financials — and that it’s currently under investigation by the Federal Trade Commission — after the merger, rather than prior to an IPO. Scrutiny over pre-IPO paperwork can often lead to IPOs being pulled, as was the case with WeWork, in part.

Rascoff has been busy since leaving Zillow in February 2019, when his fellow co-founder Rich Barton moved back into the CEO role. In January, he launched Dot.LA, a news service focused on the technology scene in Southern California.

Last month, Rascoff and Austin Allison, the founder and CEO of dotloop, announced the launch of Pacaso, a real estate startup that aims to allow prospective buyers to co-own second homes with other vetted buyers.

Email Patrick Kearns

Zillow
Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Hear from Realogy, Pacaso, SERHANT., Spotify, Redfin, Douglas Elliman, and 100+ more leaders at ICNY.Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription