Realogy Falls on Sales Estimate, Apollo Secondary Offer
Realogy will offer 35 million shares held by Apollo, and the underwriters may purchase an additional 5.25 million shares within 30 days, Realogy, which owns the Century 21 and Coldwell Banker brands, said in a statement today. The offering is due to close on April 16.
Realogy closed at $44.27 in New York trading yesterday, the lowest since Feb. 27, after announcing the secondary stock offering and projecting sales below analysts’ estimates.
Apollo, the New York-based private-equity firm run by Leon Black, will own about 30.4 million shares after the sale if underwriters don’t exercise their purchase option.
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