Coldwell Banker Parent Going Public
By Sonia Isotov
Realogy Holdings Corp. announced Friday that it plans to conduct an initial public offering of 40 million shares of stock and become a publicly traded company.
Realogy’s brands and business units include Coldwell Banker, Coldwell Banker Commercial, Century 21, The Corcoran Group, ERA, Sotheby’s International Realty, NRT LLC, Cartus, Better Homes and Gardens Real Estate and Title Resource Group.
Sale of the 40 million shares is expected to net $1 billion in the initial public offering. Bloomberg BusinessWeek reports that Realogy Holdings Corp. expects its initial public offering of stock to price from $23 to $27 per share which translates to as much as $1.24 billion in proceeds, according to documents filed Friday with the Securities and Exchange Commission.
The company’s shares of common stock have been approved for listing on The New York Stock Exchange under the symbol “RLGY.”
The company intends to use the net proceeds of the offering, along with cash on hand, primarily to repay outstanding indebtedness.