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Via Redfin

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.

Shareholders: Redfin's venture backers include Greylock (12.4% pre-IPO stake), Madrona Ventures (11.4%), Tiger Global (10.5%), DFJ (10.2%), Vulcan Capital (10%) and T. Rowe Price (7.1%).

Bottom line: "Redfin's business is growing, and the company gained market share in 81 of the 84 markets in which it operated. Even so, Redfin's market share stands at just 0.58% nationwide. In its oldest markets, Redfin's market share still hovers below 2%... Last year, Redfin brokers and affiliated real estate agents helped people in the U.S. buy and sell more than 75,000 homes, representing $35.3 million of Redfin's $41.6 million in revenue." – Nat Levy, GeekWire

Go deeper

Updated 1 hour ago - World

Brazil senators vote to recommend criminal charges for Bolsonaro

Brazilian senators vote on probe into President Bolsonaro's handling of pandemic. Photo: Gustavo Minas/Bloomberg via Getty Images

A Brazilian Senate committee Tuesday voted to approve a report recommending President Jair Bolsonaro be charged with a raft of criminal indictments, including crimes against humanity over his response to the COVID-19 pandemic, per AP.

Why it matters: Bolsonaro has become the face of a right-wing approach to the pandemic that includes repudiating vaccines and masks and resisting lockdowns and other mitigation measures. The Senate report holds him personally responsible for half of the country's 600,000 deaths.

Former Georgetown tennis coach pleads guilty to accepting admissions bribes

Gordon Ernst (left) former head tennis coach at Georgetown, outside a courthouse in Boston in 2019. Photo: Jessica Rinaldi/The Boston Globe via Getty Images

A former Georgetown University head tennis coach has pleaded guilty Tuesday to bribery charges related to facilitating the admission of prospective applicants.

Why it matters: Gordon Ernst solicited and accepted bribes from William Singer, ringleader of the cheating scheme uncovered by Operation Varsity Blues, and families in exchange for helping prospective applicants get into Georgetown as student athletes, according to the Justice Department.

7 hours ago - Health

CDC says some immunocompromised people can get fourth COVID shot

Photo: Noriko Hayashi/Bloomberg via Getty Images

The Centers for Disease Control and Prevention said in updated guidelines Tuesday that some immunocompromised people who have received either Pfizer or Moderna's COVID-19 vaccines will be able to get a fourth shot.

Details: People over 18 who are "moderately to severely immunocompromised" and have received three doses of an mRNA vaccine may get a fourth shot (of either the Pfizer, Moderna, or Johnson & Johnson vaccines) at least six months after getting their third Pfizer or Moderna dose, per the CDC.