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
The Venetian and The Palazzo in Las Vegas. (Getty, The Venetian)
Sands Corp. leaving Las Vegas in $6B sale of properties
Sands Corp. leaving Las Vegas in $6B sale of properties
Tutor Perini's Ronald Tutor and Apollo's Leon Black (Credit: (Perini by Brian To/FilmMagic)
Acquisition talks for Tutor Perini dropped because of “volatile market conditions”
Acquisition talks for Tutor Perini dropped because of “volatile market conditions”
From left: 461 Dean Street, One Court Square and 18 Sixth Avenue
Queens tower led Brooklyn-saturated list of outer-borough loans
Queens tower led Brooklyn-saturated list of outer-borough loans
Clockwise from left: 24-02 49th Avenue, 1260 Zerega Avenue and 60 Furman Street (Credit: Google Maps)
Bronx deal cracks list of top outer-borough loans
Bronx deal cracks list of top outer-borough loans
The Daily Digest - Tuesday
WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest
WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest
From left: Jeff Sutton, Brookfield's Ric Clark, and Apollo's Leon Black with the Crown Building
Apollo to provide $800M loan for Crown Building
Apollo to provide $800M loan for Crown Building
A Russian oligarch’s guide: How to hide $20M in a NYC skyscraper
A Russian oligarch’s guide: How to hide $20M in a NYC skyscraper
A Russian oligarch’s guide: How to hide $20M in a NYC skyscraper
National Cheat Sheet: Apollo plans $1B real estate fund, Amazon’s HQ2 selection spurs spurned cities to react … & more
National Cheat Sheet: Apollo plans $1B real estate fund, Amazon’s HQ2 selection spurs spurned cities to react … & more
National Cheat Sheet: Apollo plans $1B real estate fund, Amazon’s HQ2 selection spurs spurned cities to react … & more
arrow_forward_ios

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

Loading...