Shares of Realogy Corp. (RLGY), a real estate and relocation services provider, soared as high as 22% during the stock’s market debut, Reuters reported Thursday.
The company’s successful day of trading cooled down later in the afternoon with Realogy stock finishing the day at $34.20, up from $32.85 at open.
Realogy Corp. launched an initial public offering of 40 million shares of common stock in the past month.
The Parsippany, N.J.-based provider of real estate and relocation services previously announced plans to raise $1 billion from the offering.
Investors turning to Realogy are essentially betting on a resurgence in the housing market.
