PARSIPPANY, NJ–The parent company of Realogy – which is the parent of Century 21, Coldwell Banker and Sotheby’s International Realty in New Jersey – has filed for a $1 billion initial public offering. Domus Holdings Corp. did not provide details as to the precise date or listing exchange.
In April, Realogy CEO Richard A. Smith had widely promoted his view that a national housing recovery is underway. “We have demand and price will follow,” he said in a video. “The housing recovery is in full swing, even though it may see some fits and starts.”
Realogy also recently announced it would hire 200 new employees at its Mt. Laurel-based title and settlement services business, Title Resource Group, since business is booming.
Domus, a majority owner of Apollo Global Management which bought Realogy in 2006, controls real estate companies that accounted for an estimated 26 percent of all home sales last year. (In its IPO filing, Domus reported adjusted profit of $53 million in the last three-month period.)
The investment community’s reaction to the timing of the IPO filing last Friday has so far been one of mild surprise. Some analysts noted that other companies have delayed going public in the weeks since Facebook’s May 18 IPO precipitated a sharp drop in its stock value.
In New Jersey, where Realogy has its headquarters in Parsippany – and is building a new headquarters in Madison – residential real estate sales volume has significantly picked up this year although prices remain down, while the commercial property market continues weak across the board, according to the Otteau Valuation Group’s most recent report on sales figures.
Realogy's other brands and business units include Better Homes and Gardens Real Estate, The Corcoran Group, ERA, NRT, and Cartus.
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