Realogy Holdings will sell 40 million shares in its initial public offering at between $23 and $27 per share, Reuters reported, in an effort to raise $1.08 billion. Those numbers value the firm — the largest residential brokerage franchisor in the world and the owner of Corcoran Group, Citi Habitats and Sotheby’s International — at up to $3.51 billion, according to Reuters.
Realogy expects to list its shares on the New York Stock Exchange under the symbol “RLGY,” Reuters said. Goldman Sachs and JP Morgan are acting as representatives to the underwriters on the offering, a date for which has not been set.
As The Real Deal has reported, the company filed a prospectus for the IPO with the U.S. Securities and Exchange Commission in June. The deal would help the company reduce debt and enable it to cut interest payments by an anticipated $350 million per year.
Realogy is owned by Apollo Global Management and Paulson & Co. [Reuters] — Guelda Voien