Real Matters has priced its initial public offering at $13 per share and the Markham-based mortgage services data firm is set to begin trading this month.
Founded in 2006, Real Matters runs an online platform with more than 100,000 agents in property appraising, insurance inspection, title search and mortgage closing.
According to Real Matters CEO Jason Smith, the company has an industry-leading position serving approximately 60 of the top 100 mortgage lenders in the United States and continues to gain market share.
Real Matters assigns and manages appraisers through an online platform that informs appraisers in its network how their performance stats stack up against others.
Unlike most technology firms that go public, Real Matters path to IPO has been financed by Bay Street financial institutions rather than Silicon Valley VCs.
In 2012 Real Matters’ Smith told Techvibes, “We’ve got a billion BHAG for the business. This is potentially a billion dollar company. The market is that big.”
Five years later, Smith is right. Real Matters IPO price will value the company at over $1 billion.