iBuyer Offerpad—now known as Offerpad Solutions—debuted on the New York Stock Exchange on Thursday, just a day after merging with Supernova Partners Acquisition Company, Inc. Trading under OPAD at just under $9 per share, the company went public with a $2.7 billion valuation.
According to Housing Wire, the merger with Supernova Partners Acquisition Company,
led by former Zillow CEO Spencer Rascoff, escalates the rivalry between Rascoff and his former company.
“Offerpad Solutions brings together the right mix of real estate expertise, technology-enabled solutions and a customer focused mindset to lead the transformation of the residential real estate experience,” Rascoff said in a company statement. “We saw a unique opportunity to work with Offerpad and couldn’t be more pleased to partner with the team.”
Offerpad actually partnered with Zillow under Rascoff’s tenure, piloting its Instant Offers program in 2017. Housing Wire notes that Offerpad severed the relationship in April 2018 when Zillow announced it would begin buying houses and reselling them. The newly formed Offerpad Solutions aims to use technology-enabled solutions, including iBuying, to remake the home selling and buying experience.