Realogy IPO raises $1.2 billion, after expenses
PARSIPPANY, N.J. (AP) — Real estate services provider Realogy Holdings Cop. said its initial public offering last week raised about $1.2 billion after expenses, with the proceeds to be used primarily to repay outstanding debt.
Realogy priced 40 million shares at $27 apiece, and the stock soared more than 25 percent in its trading debut on Thursday. The next day, the company said that the underwriters of the IPO fully exercised their option to sell an additional 6 million shares.
Realogy on Tuesday announced the IPO's closing, and said that the $1.2 billion raised was net of underwriters' discounts and commissions, as well as estimated offering expenses. The company's total debt was approximately $7.34 billion as of June 30.
Shares of Realogy rose $2.24, or 6.7 percent, to close Tuesday trading at $35.74. That's the highest daily close since the IPO. Earlier in the session, the stock rose as high as $36.37.
Realogy's brands include such names as Century 21, Coldwell Banker, The Corcoran Group, ERA and Sotheby's International Realty. The company is based in Parsippany, N.J.