Monday, July 31, 2017
Redfin soars in its first day of trading
Redfin, a real estate software and brokerage service provider, soared by as much as 39% on its first day of trading Friday.
The company had priced its initial public offering of about 9.2 million shares at $15 apiece. This was above the expected range of $12 to $14 per share.
Redfin was worth $1.73 billion at the end of trading. Goldman Sachs and Allen & Company were the lead book-running managers for the IPO.
According to a regulatory filing, Redfin doesn't have any definitive plans for how it intends to use the proceeds of its IPO.