Redfin IPO Raises $138M, Stock to Begin Trading Friday

Redfin IPO Raises $138M, Stock to Begin Trading Friday

[Updated, 1:40pm PT. See below] Redfin, a real estate software firm based in Seattle, priced its initial public offering at $15 a share on Thursday, above the projected range of $12 to $14. The IPO raised $138 million, and the company’s stock is set to begin trading on the Nasdaq today under the symbol “RDFN.”

My colleague Ben Romano detailed Redfin’s recent strategy and financial results when the company filed for its IPO in June. Its current valuation is $1.2 billion.

The 15-year-old company becomes the second publicly traded real estate tech company in Seattle, following Zillow (NASDAQ: Z), which went public in 2011. (The companies have very different models.)

Xconomy has reported on Redfin’s progress since 2009, when the company raised a new round of venture capital.

[This paragraph added after market close—Eds.] Redfin’s stock debuted on Friday trading at $19.56 a share, up about 30 percent from its IPO price. It closed at $21.70, up more than 44 percent.

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