Disclosure: Tim worked at Redfin from 2010 through 2013, and owns a modest amount of Redfin stock.
Disclaimer: Nothing in this post should be construed as investment advice.
Redfin’s long-awaited IPO went well for the Seattle-based technology-powered real estate brokerage this morning. They priced the IPO at $15 per share last night, raising $138 million for the company. When shares started trading on the open market this morning under the ticker symbol RDFN they opened at $19.56.
— Nasdaq (@Nasdaq) July 28, 2017
My friends over at GeekWire have been publishing great coverage this morning and last night in a series of articles (updated with two more links):
- Redfin prices IPO at $15 per share, higher than expected, in advance of Wall Street debut
- Redfin stock climbs in early trading as tech-powered brokerage debuts as public company
- Redfin vs. Zillow: Comparing the two real estate powerhouses at the time of their IPOs
- This venture firm was an early investor in the last three Seattle-area startups to go public
- Podcast: All about the Redfin IPO, and what’s next for Seattle’s newest public company
- Q&A: Redfin CEO Glenn Kelman wants to keep his company weird, even after going public
As of 11:00 AM this morning, RDFN has climbed to over $21 per share, which gives the company a market cap of about $1.67 billion.
Here’s hoping that Redfin goes on to do great things with the new cash infusion, bringing much-needed change to the industry. I’m rooting for them, and not just because I’m a shareholder.
I'm raising my glass to the @Redfin IPO this morning!
— The Tim (@The_Tim) July 28, 2017