The Markham, Ontario-based company hired Bank of Montreal to lead the IPO, said the people, who asked not to be identified because the matter is private. Real Matters’ shares are expected to list in Toronto, and the company is seeking a valuation of slightly less than C$1 billion, the people said.
Representatives for Real Matters and Bank of Montreal declined to comment.
Real Matters would be the first IPO of a Canadian technology company since Shopify Inc. almost two years ago, and joins a wave of companies going public amid an equity rally. Canada Goose Holdings Inc., the parka maker, plans to raise as much as C$320 million in an IPO, while Source Energy Services Inc. is seeking C$300 million, and STEP Energy Services Ltd., C$200 million.
Real Matters runs an online platform with more than 100,000 agents in property appraising, insurance inspection, title search and mortgage closing. They report their findings through Real Matters, which measures and ranks each appraiser to help buyers and mortgage companies, similar to the way Uber riders rate taxi drivers. Its appraisal business serves more than 60 of the top 100 lenders in the U.S., according to its website.