Redfin has traveled a long and rocky road, learning how to, in the words of CEO Glenn Kelman, “fight like wild animals,” while navigating the roadblocks of a deeply entrenched industry.
Credited with a popular property search website and digital tools enabling agents to serve up a low-fee, tech-powered experience for buyers and sellers, Redfin migrated toward a more traditional brokerage model while deploying innovative technologies.
Redfin filed its S-1 to go public on June 30 and went into its July 28 IPO anticipating issuing up to 10,615,650 shares priced between $12 and $14 per share and bagging as much as $148 million in a sale that values the company north of $1 billion.
However, Redfin shares closed at $21.70 on its first day of trading. That’s up roughly 45 percent from Redfin’s IPO price, and it pushes the high-tech brokerage’s market cap over $1.7 billion. It was a big day for real estate and clearly for Redfin.