Real estate brokerage Redfin Corp. (Pending:RDFN) filed an S-1/A with the Securities and Exchange Commission detailing its upcoming initial public offering. The IPO is expected to place on Friday, July 28. Since its launch in 2004, Redfin has grown to be the #1 visited brokerage site in the US. Through its IPO, the company aims to raise $120 million, offering 9.2 million shares at a price range of $12-14. The company has an additional 1,384,650 shares as an overallotment option for its underwriters.

Assuming Redfin prices at the mid-point of its expected price range, it would command a market cap value of $1.1 billion, making it the third unicorn to IPO this year following Snap Inc. (NYSE:SNAP) and Blue Apron (NYSE:APRN).

The underwriters for the IPO are Goldman Sachs & Co. LLC, Allen & Company LLC, BofA Merrill Lynch, RBC Capital Markets, Oppenheimer & Co. and Stifel.

We previously wrote about the company as well as outlined the details on the IPO on our IPO Insights Platform.

(Source: Company Website)

Business overview

Redfin is a real estate brokerage with the mission of reinventing the way people buy and sell homes. The company’s key differentiating factor is its high-tech software. And additionally, Redfin differentiates itself from other companies which just offer the home searching platform (such as Zillow) through its team of real estate agents who customers are matched with over the platform. Through the platform homebuyers can create filtered home searches, get notifications on new listings in their area, schedule tours with Redfin agents, and even begin the process of making an offer on a property. Home sellers can list their homes, find an estimate of its value, and learn what similar homes in the area are selling for.

Redfin currently operates in 80 markets with the majority of revenue coming from its top ten metropolitan areas. In 2016, 72% of revenue was derived from: Boston, Chicago, Los Angeles, Maryland, Orange Country, Portland, San Diego, San Francisco, Seattle, and Virginia.