Realogy, parent company of brands including Century 21, Coldwell Banker and the Corcoran Group, has announced that it has priced its initial public offering of 40.00 million shares of common stock at $27.00 per share, at the top of its price range.
The company had previously stated that it expected the public offering price to be between $23.00 and $27.00 per share.
The underwriters of the offering will have a 30-day option to purchase up to an additional 6 million shares of common stock from the Company at the initial public offering price, less underwriting discounts and commissions.
The company’s shares are expected to begin trading on the New York Stock Exchange on Thursday, October 11, 2012 under the symbol “RLGY.”
Realogy expects the proceeds from the sale of the 40 million shares to be $1.08 billion, all of which is destined for paying some of the debt that it took on as part of its 2006 sale to Apollo Global Management. If underwriters exercise an over-allotment option, that amount could rise to $1.24 billion.