Redfin's Stock Debuts 30% Above Its IPO Price
Shares of Redfin Corp. debuted Friday on the Nasdaq with a bang, opening at $19.56 at 11:05 a.m. ET, which was 30% above the $15 initial public offering price. The stock has since added to gains be up 35% in morning trade. The real-estate company, which mixes online technology with traditional agents, had priced its IPO above the previously expected range of $12 to $14. The company sold 9.23 million shares to raise over $138 million, and granted underwriters the option to buy an additional 1.38 million shares. The stock was listed on the Nasdaq Global Select Market under the ticker symbol "RDFN." The stock debuted on a day that the SPDR Real Estate Select Sector ETF was up 0.1% and the S&P 500 was down 0.4%.
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