Realogy shoots for $1 billion in IPO

New York /
Jun.June 08, 2012 02:00 PM

Real estate company Realogy has filed to raise $1 billion in its initial public offering, Bloomberg News reported, even after reporting net losses every year since 2008. Realogy is the owner of real estate brands such as Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Corcoran Group and Sotheby’s International Realty, among others. Five years ago it was taken private by Leon Black’s Apollo Global Management. The leveraged $6.6 billion buyout is still the largest on record for a real estate firm; and now signs of a recovering housing market have prompted Apollo to take the company public.

Although the number and price of shares has not been announced, Apollo will retain the majority of the voting common stock. Realogy’s parent Domus Holdings will allow Apollo in conjunction with John Paulson’s hedge fund Paulson and Company to convert approximately $2 billion of convertible notes ahead of the IPO. This will give Apollo some 66 percent and Paulson, who recorded big losses last year thanks to repeated property bets, nearly 22 percent of Domus’ Class A stock prior to the IPO. According to Bloomberg News, Paulson has agreed to hold his stock for a many as 180 days after Realogy goes public. [Bloomberg]

Related Articles

arrow_forward_ios
John Paulson, Jenica Paulson (left) and Alina De Almeida (right) with various properties owned by John Paulson (Getty; Google Maps; Illustration by Kevin Rebong)
Breaking up a billionaire’s property empire
Breaking up a billionaire’s property empire
Blackstone’s Jonathan Gray and 8 Spruce Street (Photo-illustration by Paul Dilakian/The Real Deal)
Private equity firms are betting big on New York apartments
Private equity firms are betting big on New York apartments
Apollo's Josh Harris and Canvas Investment's Robert Morgenstern (Harris Philanthropies, LinkedIn)
Apollo co-founder Harris teams up with Morgenstern for multifamily buying spree
Apollo co-founder Harris teams up with Morgenstern for multifamily buying spree
Witkoff CEO Steven Witkoff and 589 Fulton Street in Brooklyn (Witkoff, NQS Creative, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Apollo, Witkoff beat 421a deadline with DoBro tower
Apollo, Witkoff beat 421a deadline with DoBro tower
Apollo Global Management CEO Marc Rowan and 234 West 42nd Street (Apollo Management, HotelPlanner.com, iStock)
Hilton Times Square sold for measly $85M in recovery bet
Hilton Times Square sold for measly $85M in recovery bet
From left: Edge Fund Advisors' Mark Keller and Gary Siegel in front of 1540 Broadway (Edge Fund Advisors, 1540 Broadway, iStock)
Times Square tower lands $590M loan
Times Square tower lands $590M loan
Apollo Global Management Marc Rowan (100 West Putnam)
Apollo buying Greenwich office for $200M
Apollo buying Greenwich office for $200M
A&E’s Douglas Eisenberg and the apartments (Stonehenge 57)
Tennessee pension fund joins A&E on Sutton Place apartments
Tennessee pension fund joins A&E on Sutton Place apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...