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Redfin set its initial public offering price at $15 per share on July 27, 2017—$1 above the top of its previously announced $12–$14 range. The company’s stock began trading on Nasdaq the next day under the ticker RDFN. The $15 IPO price was not the stock’s opening trade.
Why was Redfin’s IPO price higher than expected?
Redfin’s initial planned price range was $12 to $14 per share, according to GeekWire’s July 27, 2017 report. The company priced the offering at $15, one dollar above the range’s upper end. That comparison is what “higher than expected” meant in the coverage: the final offer price exceeded the preliminary range, not that the stock later traded above some forecast.
Redfin announced the price on July 27, 2017. Its final SEC prospectus confirms the $15 price and notes that no public market for Redfin common stock existed before the offering.
How many shares did Redfin offer, and how much did it raise?
The base offering covered 9,231,000 shares, all sold by Redfin, at $15 each. The company said underwriters could purchase up to 1,384,650 additional shares at that price during a 30-day option period. Redfin’s prospectus said delivery against payment was expected in New York on August 2.
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GeekWire described the base deal at the time as raising about $138 million. That shorthand reflects the base share count and offer price; it is not the final proceeds after the underwriters’ option was exercised. Redfin’s later quarterly filing reported that the option was fully exercised and the offering closed on August 2, 2017, with 10,615,650 shares sold at $15 each. The company reported approximately $159.2 million in gross proceeds and approximately $144.1 million in net proceeds after underwriting discounts and estimated offering costs.
What happened when RDFN began trading?
Redfin said the shares were expected to begin trading July 28, 2017, on the Nasdaq Global Select Market under the symbol RDFN. Contemporaneous reports distinguished that first trading day’s market prices from the $15 offering price:
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| Price point | Historical figure | Attribution |
|---|---|---|
| IPO offer price | $15 per share | Redfin, July 27, 2017 |
| Reported opening price | $19.56 per share | GeekWire, July 28, 2017 |
| Reported first-day close | $21.72 per share, 45% above the offer price | TechCrunch, July 28, 2017 |
GeekWire reported that the stock briefly rose above $20. The $19.56 opening and $21.72 close are historical first-day prices, not current quotes or evidence of Redfin’s longer-term performance. TechCrunch reported that CEO Glenn Kelman cautioned that trading volume that day was not enough to indicate long-term performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Redfin’s IPO disclosures said
The prospectus described Redfin as a technology-powered residential real estate brokerage. It also warned prospective buyers about immediate dilution relative to pro forma net tangible book value and included forward-looking-statement cautions. Those disclosures provide context for the offering; the first-day price movement alone cannot resolve the risks or establish the company’s future value.
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- Premium material: Crafted from high-quality cardstock, our certificate holders are thick, sturdy, and built to last, ensuring that your certificates, diplomas, and important documents are shielded from dust and dirt. Whether you're displaying awards in an office or preserving important documents for personal use, these citizenship certificate holder offer the protection you need.
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