Seattle-based online real estate brokerage firm is planning to price its 9,231,000 shares at $15 when the opening bell rings on Friday morning. The company was previously considering a price between $12 and $14, according to SEC filings the company had submitted.
At that price, the company stands to raise over $138 million in an offering that is led by Goldman Sachs & Co. and Allen & Company. The company will trade under the Nasdaq ticker of RDFN, and it stated in the filings that its “strategy is simple. In a commission-driven industry, we put the customer first. We do this by pairing our own agents with our own technology to create a service that is faster, better, and costs less. We meet customers through our listings-search website and mobile application, reducing the marketing costs that can keep fees high.”
Redfin has raised $167.82 million in nine rounds from 16 investors, according to Crunchbase. Some of its early investors include Madrona Venture Group, BEV Capital, Vulcan Capital and The Hillman Company. Subsequent rounds brought in Tiger Global Management, T. Rowe Price, Greylock Partners and Draper Fisher Jurvetson, amongst others.
Redfin’s IPO will be the first for a Seattle-based company in 2017. In September of 2016, Bellevue-based Apptio went public and raised $96 million in the process.
Redfin is headquartered at the Hill7 building located at 1099 Stewart Street in Seattle, a building owned by Hudson Pacific Properties.
