UPDATE: Redfin stock increased close to 45 percent in the first day of trading, opening at $19.56 and closing at $21.70.
Redfin stock popped as it debuted on the Nasdaq exchange Friday morning, opening at close to $20 and climbing, well above the opening price of $15.
When the tech-powered real estate brokerage priced its stock at $15 in advance of its Wall Street trading debut this morning, it signaled strong interest on the part of investors. Redfin had planned to sell 9.23 million stocks at a range of $12 to $14. It is seeking to raise about $138 million through its IPO.
Redfin’s stock started trading around 8 a.m. Pacific, and about an hour and a half before, Redfin kicked off a new era as a public company by ringing the Nasdaq opening bell. A fired up Redfin CEO Glenn Kelman thanked employees and customers for helping the company get to this point, but added that it is only the beginning.
“We are excited to be here! This is a big day for Redfin. But it’s not just about going public, it’s not just about making money, it’s not just about building a great business, it’s about making real estate better for regular people,” he said. “We have done it our way, with real estate agents and software engineers working together as partners, where we are one Redfin.”