Sold: This Real-Estate IPO is Booming
Realogy Holding Corp.’s (NYSE:RLGY) $1.08 billion initial public offering jumped off to a hot start Thursday and hasn’t looked back.
Realogy – the nation’s largest real-estate-services firm by revenue, which owns and franchises familiar brokerages like Century 21 and Coldwell Banker – watched its shares open at $32.85 per share, 22 percent higher than the initial $27 offering price. The $1.08 billion, 40 million-share deal became the third-largest U.S. IPO this year.
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Apollo Global Management (NYSE:APO) bought Realogy five years ago when housing prices were at their peak. The company had owned 73 percent of Realogy prior to the IPO, but will now maintain about 50 percent of the shares.
Realogy shares have held since the blistering start, recently trading at $33.55 per share, a 24 percent jump up from the initial $27 price.
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