Home-selling platform Offerpad to go public in $3 billion SPAC deal

Offerpad Inc said on Thursday it would go public through a merger with a blank-check company, in a deal that values the equity of the home-selling platform at $3 billion.

The deal with Zillow co-founder Spencer Rascoff-backed Supernova Partners Acquisition Company Inc will fetch $650 million in proceeds for Offerpad. This includes a private investment of $200 million from affiliates of Supernova, funds managed by BlackRock Inc, homebuilder Taylor Morrison Home Corp and others.

Offerpad, which expects revenue of $1.4 billion in 2021, said the company will be listed on the New York Stock Exchange under the ticker “OPAD”, after the deal closes.

Arizona-based Offerpad provides an online platform for selling homes where users have the option of uploading photos and videos for a 15-minute virtual walk-through of the property they expect to sell.

Blank-check firms, or special purpose acquisition companies (SPACs), raise capital through an initial public offering to buy a private firm. Money raised through SPAC IPOs so far this year has already overtaken the $83.4 billion they raised in all of 2020, according to data from SPAC Research.

Source: Reuters

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