search

The Real Deal Logo

Trending

HGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudTrump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boom
New York

Realogy prices IPO at $27 a share

Shares to start trading on NYSE tomorrow morning; expected to raise $1.08B

From left: Richard Smith of Realogy, Pamela Liebman of the Corcoran Group and Gary Malin of Citi Habitats
From left: Richard Smith of Realogy, Pamela Liebman of the Corcoran Group and Gary Malin of Citi Habitats

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.

Sign Up for the undefined Newsletter

It appears the company has hit its fundraising target. Executives at Realogy, based in Parsippany, N.J., said last month they expected to raise more than $1 billion.

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

Tags
Anywhere Real EstateApollo Global ManagementIPOs