UPDATE: Redfin debuted on the Nasdaq stock exchange Friday morning, and it’s stock opened well above the $15 initial pricing.
Shares for the Seattle-based tech-powered brokerage opened at $19.56 Friday morning, and briefly climbed above $20.
About 90 minutes before the stock began trading, the company kicked off a new era as a public company by ringing the Nasdaq opening bell. A fired up Redfin CEO Glenn Kelman thanked employees and customers for helping the company get to this point, but added that it is only the beginning.
“We are excited to be here! This is a big day for Redfin. But it’s not just about going public, it’s not just about making money, it’s not just about building a great business, it’s about making real estate better for regular people,” he said. “We have done it our way, with real estate agents and software engineers working together as partners, where we are one Redfin.”
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Redfin priced its initial public offering at $15 per share on Thursday night, above the anticipated range, signaling strong interest in the tech-powered real estate brokerage in advance of its likely Wall Street trading debut on Friday.
The Seattle company is raising $138 million on its quest to transform how people buy and sell homes across the U.S. It becomes the first company from the Seattle area to go public this year. Redfin initially planned to sell shares in the $12 to $14 range.
Redfin, which filed to go public last month, plans to trade on the NASDAQ under the ticker symbol “RDFN.” Shares likely will begin trading on Nasdaq on Friday morning, with the general public able to buy shares at that time. Underwriters who helped guide Redfin public have the option to purchase an additional 1.38 million shares.
MarketWatch reports the company is seeking a valuation of $1.2 billion. By comparison, Seattle-based online real estate juggernaut Zillow — which does not compete directly with Redfin’s brokerage business — is valued at $8.6 billion.
Redfin’s business is growing, and the company gained market share in 81 of the 84 markets in…