Redfin goes public, VCs wait anxiously
Redfin, an Internet-enabled residential real estate brokerage, has raised $138 million in its IPO. The Seattle-based company priced 9.23 million shares at $15 per share (above $12-$14 range), for a fully-diluted market value of around $1.56 billion. It will trade on the Nasdaq under ticker symbol RDFN.
Why it matters: The venture capital industry is desperate for a big aftermarket win, following the lead balloon performance of Snap, Blue Apron and Tintri. Not so much for Redfin's specific investors, but for the prospect of bringing other tech companies to market. So this is really more of a prospective "why it matters," since a strong pricing doesn't necessarily translate into trading activity – particularly given that Redfin is (yet another) unprofitable issuer.