Chandler's home-selling platform Offerpad Inc. to go public in $3bn SPAC deal

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Chandler's home-selling platform Offerpad Inc. to go public in $3bn SPAC deal

Offerpad Inc., the Chandler, Arizona-based American home-selling platform, had issued a statement on Thursday saying that the company was mulling a US public listing following a merger with a blank-check firm or SPAC (Special Purpose Acquisition Company) in a deal that could value the home-selling online platform as many as $3 billion.

Aside from that, Offerpad Inc. was quoted saying at its statement that it had agreed to a merger with real-estate marketplace Zillow co-founder Spencer Rascoff-backed SPAC, Supernova Partners Acquisition Company Inc, in a deal that would hand out Offerpad Inc a stark sum of $650 million including a combined investment of $200 million from Supernova affiliates, BlackRock Inc alongside homebuilder Taylor Morrison Home Corp and others.

In point of fact, latest Offerpad Inc. move to merge with an SPAC to go public in US equity market comes over the heels of a sizzling US housing market with long-term home loans hovering close to their all-time lows and US new home sales shooting up to their multi-decade peak amid a steep shortage in existing homes, while a rush towards the US suburbs and countryside in a bid to avoid the densely populated US cities in pandemic times added to further bullish wing to a $1.6 trillion US residential real estate market.

Nonetheless, Supernova shares’ prices tumbled more than 2 per cent following the announcement of a merger with Offerpad Inc.

Offerpad seeks NYSE listing under ticker symbol “OPAD”

On top of that, the Arizona-based online home-selling platform that enables sellers and agents to upload photos and videos of their properties in a virtual tour, a trend that turned immensely popular during the pandemic, had also added that the company was expecting a revenue of $1.4 billion this year, while its stocks would be listed on NYSE under a ticker symbol “OPAD” followed by a closure of the deal.

Meanwhile, expressing an out-and-out optimism over Offerpad Inc.’s latest move to go public via an SPAC, the company Chief Executive and founder, Brian Bair, was quoted saying in an interview late in the day that the home-selling platform would capitalize on the fresh capitals to stretch out its reach beyond current holdings across 900 cities in the United States.