In what would be the first IPO this year for a company based in Washington state, Redfin plans to offer 9.23 million shares for between $12 and $14 apiece in its upcoming public offering, according to an SEC filing. A midpoint pricing would raise roughly $121 million and generate a $1 billion-plus valuation for the Seattle-based online real estate brokerage, which is set to list on the NASDAQ under the symbol RDFN. Redfin was valued at $813 million in 2014; its VC backers include Greylock Partners (12.4% pre-IPO stake) and Madrona Venture Group (11.4%).
Redfin describes itself as a "technology-powered real estate broker" in the filing. The startup seems to be banking on the allure of the tech side of its business to up its valuation upon going public. The company focused heavily on its map-based technology in its earlier years, and now deploys machine learning and other tech to power its various services. In the filing, Redfin says it intends to "continue investing significant resources in developing technology, tools, features and products."