Real estate software maker Redfin has filed with U.S. regulators for an initial public offering (IPO) on Friday, the latest company looking to test the public markets after a week of IPOs.
The Seattle-based company calls itself a “next-generation real estate broker” that uses technology to help customers buy and sell homes. Redfin is part of a wave of U.S. real estate technology companies such as Zillow Group (ZG.O), Compass and Open Door Labs Inc looking to improve home sales marketing.
Mealkit maker Blue Apron Holdings Inc (APRN.N) had a lackluster debut this week after the company reduced its valuation while storage company Tintri Inc (TNTR.O) went public on Friday after delaying its IPO by a day and cutting its price.
Based in Seattle, Redfin launched its home-buying services in February 2006. It charges customers a commission of 1.5 percent, less than half the average listing fee, to list their homes, according to its website, which says it has helped more than 30,000 families buy and sell homes.
Redfin generated a loss of $22.5 million on $267.2 million of revenue in 2016, the filing said.
Redfin also makes money from commissions when customers make an offer on homes on Redfin. The company is backed by investors that include Tiger Global Management LLC and T. Rowe Price Associates.
Goldman Sachs Group Inc (GS.N), Allen & Company and Bank of America Merrill Lynch are underwriters on the IPO.