Redfin soars in its first day of trading

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Redfin

Redfin, a real estate software and brokerage service provider, soared by as much as 39% on its first day of trading Friday.

The company had priced its initial public offering of about 9.2 million shares at $15 apiece. This was above the expected range of $12 to $14 per share.

Redfin was worth $1.73 billion at the end of trading. Goldman Sachs and Allen & Company were the lead book-running managers for the IPO.

According to a regulatory filing, Redfin doesn’t have any definitive plans for how it intends to use the proceeds of its IPO.

Watch our interview with Redfin CEO Glenn Kelman here: