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Co-founders and brothers Joseph and Avi Fox, have withdrawn their planned IPO of discount real estate and mortgage services company, Iggys House (NASDAQ: IGGY).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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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.
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.
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,
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