Shares of Realogy soar 22 percent in market debut
(Reuters) - Shares of Realogy Inc (RLGY.N) soared 22 percent during their market debut on Thursday, as investors bet on the growth of the housing market.
The Apollo Global Management LLC (APO.N) real estate services company affiliate opened New York Stock Exchange trading at $32.85 after shares priced at the high end of their expected range at $27.00. The company sold 40 million shares, raising $1.1 billion.
Realogy is now the third biggest U.S. IPO of the year behind only Facebook Inc (FB.O) and Santander Mexico Financial Group (SANMEXB.MX).
Based in Parsippany, New Jersey, Realogy owns residential real estate brokerage firms including Century 21 and Coldwell Banker.
Realogy will use the proceeds from the offering to cut its debt, which totaled $7.34 billion as of June 30.
The company was spun off from Cendant Corp in July 2006 and later taken private by Apollo for about $6.65 billion.
Realogy's IPO is being led by Goldman Sachs Group Inc (GS.N) and JPMorgan Chase & Co (JPM.N).
(This story has been corrected to clarify that shares of Realogy opened at $32.85, not $32.90)
(Reporting by Olivia Oran; Editing by Gerald E. McCormick)