Realogy Corp. launched an initial public offering of 40 million shares of common stock. 

The Parsippany, N.J.-based provider of real estate and relocation services previously announced plans to raise $1 billion from the offering.

The underwriters of the offering will have a 30-day option to purchase up to an additional 6 million shares of common stock from Realogy at the IPO price. The New York Stock Exchange will list the stock under the symbol RLGY. 

The company said it will use the net proceeds of the offering, along with cash on hand, to repay outstanding indebtedness. 

Goldman Sachs (GS), J.P. Morgan Securities (JPM), Barclays Capital (BCS) and Credit Suisse Securities (CS) are the joint book runners for the proposed offering. Various other financial companies are serving as co-managers.

The offering will be made through a prospectus, which, when available, can be obtained by contacting Goldman or J.P. Morgan.

Realogy narrowed its net loss to $192 million in the first quarter as the housing market showed signs of stabilization. The company earned $875 million of revenue in the quarter, an increase of 5% compared to $831 million in the year-ago period.

jhilley@housingwire.com