Offerpad Inc announced it would go public through a merger with a blank-check company in a deal that values the U.S. home-selling platform at $3 billion.
The deal with Zillow co-founder Spencer Rascoff-backed Supernova Partners Acquisition Company Inc. will fetch $650 million in proceeds for Offerpad. This includes a private investment of $200 million from affiliates of Supernova, funds managed by BlackRock Inc., homebuilder Taylor Morrison Home Corp, and others, as investors bet on the digitalization of the $1.6 trillion residential real estate market.