Realogy shares surge above initial price

IPO for parent of Corcoran, Citi Habitats is one of largest this year

TRD New York /
Oct.October 11, 2012 06:30 PM

Shares for residential brokerage company Realogy broke through the initial asking price of $27 a share and remained higher all day, closing at $34.45 per share.

This was the first day of trading on the New York Stock Exchange for the Parsippany, N.J.-based company that is the parent of Corcoran and Citi Habitats, and is the largest residential brokerage company in the United States by revenue.

The company sold 40 million shares with an offer price of $27 per share, raising $1.08 billion, making it the third largest IPO of the year, the Wall Street Journal reported.

Investors bought shares with the expectation that the housing market is recovering, company CEO Richard Smith said.

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. [WSJ]


Related Articles

arrow_forward_ios
Eric Wu (left) and Chamath Palihapitiya (Getty, iStock)

Opendoor confirms $4.8 billion IPO

Opendoor confirms $4.8 billion IPO
Opendoor CEO Eric Wu (Wu via Resolute Ventures; iStock)

iBuyer Opendoor eyes $5B IPO via blank-check firm

iBuyer Opendoor eyes $5B IPO via blank-check firm
Thomas Oberdorf, CEO of Sirva, and Ryan Schneider, CEO & President of Realogy (Credit: Jhila Farzaneh)

Realogy settled part of its $400M Cartus lawsuit. Now what?

Realogy settled part of its $400M Cartus lawsuit. Now what?
Dan GIlbert (Getty, iStock)

Mortgage mogul Dan Gilbert sees net worth quicken to $34B

Mortgage mogul Dan Gilbert sees net worth quicken to $34B
Realogy CEO Ryan Schneider (iStock)

Realogy’s Q2 profits plunge after “unprecedented” drop in sales

Realogy’s Q2 profits plunge after “unprecedented” drop in sales
Dan Gilbert (Getty, iStock)

Parent of Quicken Loans, Rocket Mortgage seeks $3.3B in IPO

Parent of Quicken Loans, Rocket Mortgage seeks $3.3B in IPO
Corcoran Group CEO Pam Liebman (Photography by Sasha Maslov)

Corcoran absorbs Contra Costa brokerage in NorCal

Corcoran absorbs Contra Costa brokerage in NorCal
Realogy CEO Ryan Schneider and SIRVA CEO Thomas Oberdorf

Judge rejects Realogy’s bid to force $400M sale of Cartus

Judge rejects Realogy’s bid to force $400M sale of Cartus
arrow_forward_ios

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

Loading...