Tech-driven brokerage surges on IPO launch

Tech-driven brokerage surges on IPO launch

Tech-driven brokerage surges on IPO launch The American real estate brokerage described by its CEO as the “Amazon of real estate” has successfully launched on Wall Street.

Redfin’s IPO was priced at U$15 when it launched Friday and shares surged 44.7% during the first day’s trading. The Nasdaq listed firm raised $180 million which it plans to save “for a rainy day” but possibly for “strategic acquisition”.

The firm is a competitor for the better-known Zillow, although the model is different. While Zillow lists homes and connects potential buyers with independent real estate agents, Redfin has its own agents.

"Redfin has been redefining the real estate industry since its inception, and we are proud to have them join Nasdaq's family of innovative companies as they continue to disrupt the market with new and unprecedented ideas," said Nelson Griggs, Executive Vice President, Head of Global Listings, Nasdaq.

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