Opendoor is going public by merging with a holding company of billionaire Chamath Palihapitiya’s firm Social Capital Partners. It expects to bring in up to US$1 billion in cash proceeds from the deal. (The Logic)
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Opendoor is going public by merging with a holding company of billionaire Chamath Palihapitiya’s firm Social Capital Partners. It expects to bring in up to US$1 billion in cash proceeds from the deal. (The Logic)
Talking point: Opendoor buys homes online, makes small repairs and then sells them again. It sold over 18,000 homes this year, making US$4.7 billion in revenue, but is looking to ride record-low mortgage rates to hit US$50 billion. It was valued at US$3.8 billion in a March 2019 round that included SoftBank Vision Fund. Its method of going public, by merging with a special-purpose acquisition company, allows it to avoid the scrutiny of a typical IPO and go through the process faster. The initial market reaction appears positive: Social Capital Partners’ holding company’s stock was up 33.4 per cent at close.
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