Offerpad Inc said on Thursday 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.

Supernova stock was down nearly 2% on Thursday. Offerpad, which expects revenue of $1.4 billion in 2021, said the company will be listed on the New York Stock Exchange under the ticker “OPAD,” after the deal closes.

Read more/Source: Reuters