After months of anticipation, Realogy — the largest residential brokerage franchisor in the world and the parent company to Corcoran Group and Citi Habitats — has priced its initial public offering at $27 per share today, the New York Times reported.
The move, which will be followed by a launch on the New York Stock Exchange tomorrow morning, will raise $1.08 billion through 40 million shares for the company.
The firm, which is headed by chairman and CEO Richard Smith, will be listed under the ticker symbol RLGY.
In addition to Corcoran and Citi Habitats, Realogy owns selected offices under various other brands, including Sotheby’s International Realty, ERA and Coldwell Banker through its NRT division. It also acts as a franchisor for Coldwell Banker, Coldwell Banker Commercial, Better Homes and Gardens Real Estate, Sotheby’s, Century 21 and ERA offices.
The company plans to use the funds raised to pay down billions of dollars in debt. This isn’t the first time the company has gone public. It’s most recent stint as a public company came in 2005 and 2006, when its former parent company, Cendant, broke it into four divisions and took it public. But it went private again in April 2007. [NYT] – Adam Pincus