Apollo Global Management announced that is exiting Realogy. The private-equity firm revealed an offering to offer its remaining 25 million shares in Realogy, a real-estate company. The offer is thought be worth as much as US$1.24 billion if calculated with the stock price as of yesterday's close. Underwriters J.P. Morgan and Goldman Sachs have decided to purchase all the shares and will re-offer the stocks to investors through the night, making the whole transaction a block trade.
Apollo Global Management bought the firm in 2007 and took it public in 2012. Realogy gained US$1.1 billion in the market debut last October. While Realogy has not documented a profitable year since the buyout, its share were up 83% from its IPO on Tuesday's close.
The deal is another case of private-equity companies rushing to distribute shares in portfolio firms that they have made available to the public. Many of these firms, such as Realogy, have already profited from the stock market's gains this year.
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