Redfin Sets IPO Price Range, Would Raise Up to $148.6 Million

Redfin would raise up to $148.6 million in its planned initial public offering, according to an updated securities filing Monday.

The Seattle-based online real estate brokerage lifted the veil on its IPO plans June 30, initially filing to raise up to $100 million.

With Monday’s amended filing, the company set its proposed IPO price at $12 to $14 a share. At the midpoint price, Redfin estimates the sale of 9.23 million shares would generate net proceeds of $107.8 million after deducting underwriters’ discounts and offering expenses.

Redfin would be the first Washington state tech company to go public since last summer, when radio frequency ID (RFID) technology maker Impinj (NASDAQ: PI) listed its shares on the public market.

That company has fared well. Impinj’s stock has outperformed all others in the Bloomberg IPO Index in the last year, rising 287 percent from an offering price of $14 each to $54.22 at the close on Monday. It received a major boost when Amazon announced plans to acquire Whole Foods for $13.7 billion, with investors betting that RFID chips may play a significant role in Amazon’s expansion into the grocery business—though neither Amazon nor Impinj will comment, as Bloomberg reports Monday.

Photo credit: Public Market photo by Stuart Guest-Smith on Unsplash, used under the site’s nonexclusive copyright license.

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