Redfin looks to raise $239 million through stock, debt offerings


Redfin announced this week that it will be looking to raise up to $239 million through a combination of stock and debt offerings.

According to a filing made with the U.S. Securities and Exchange Commission, Redfin said that it would use the money for “working capital and other general corporate purposes, including technology and development and marketing activities, general and administrative matters, and capital expenditures.”

Redfin is selling 4.025 million shares of stock at $23.69 per share, totaling more than $95 million, and $143.75 million in “convertible senior notes,” which are debt securities that can later be converted into company shares.

It also noted the possibility of investing or acquiring other companies or services, but it currently has no specific plans to do so.

However, the filing did show that Redfin is committing to its service, Redfin Now, which allows the buying and selling of homes directly to and from consumers. The company plans increased the amount of home value on its book at any one time from $25 million to $35 million.

The company went public last summer and raised $138.5 million. The stock hit its high point toward the end of last year at around $31 per share, but currently sits in the low- to mid-$20 range, according to GeekWire.

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