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UPDATE: Stock Market Uncertainty Impacts Real Estate IPO

26 January 2008 by Stefan Swanepoel 30 views 3 Comments
UPDATE: Stock Market Uncertainty Impacts Real Estate IPO

Co-founders and brothers Joseph and Avi Fox, have withdrawn their planned IPO of discount real estate and mortgage services company, Iggys House (NASDAQ: IGGY). Plans were to sell 3 million shares at $5 to $6 a share generating net proceeds of about $14.2 million to further develop their brand. 

Iggys House is detailed with various other new real estate business models in the 2008 Swanepoel Trends Report offers buyers 75% of the commission it receives from the home seller through its BuySide Realty subsidiary and free entry into a multiple listing service for home sellers through its Iggys House brand.

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3 Comments »

  • Terry Sanford said:

    What do you think? Did they really pull their IPO because of “stock market uncertainty”? How about a $50 million market cap for a company that is hemmoraging $6 mill a year on sales of $500k? Someone’s got to have an opinion on that.

    # 27 January 2008 at 9:20 pm
  • Stefan Swanepoel said:

    If those stats are right, then that would be a hard sell in any market Terry. Going IPO for a real estate business has always been tvery tough and few have proven to be a bright star. Guess there will always be those that will try.

    # 29 January 2008 at 2:07 am
  • Anonymous said:

    These were the same thieves ran Web Street Securites into the ground claiming they were successful offering an IPO at $11.00 only to be bought out by Etrade. Call them the pump and dump brothers,

    # 29 January 2008 at 2:12 pm

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