Redfin, an online real estate brokerage, announced terms for its IPO on Monday.
The Seattle, WA-based company plans to raise $120 million by offering 9.2 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Redfin would command a fully diluted market value of $1.1 billion.
Redfin was founded in 2005 and booked $285 million in revenue for the 12 months ended March 31, 2017. It plans to list on the Nasdaq under the symbol RDFN. Goldman Sachs, Allen & Company, BofA Merrill Lynch and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of July 24, 2017.
