Real estate firm Re/Max Holdings files for IPO of up to $100 mln
Aug 19 (Reuters) - Real estate company Re/Max Holdings Inc has filed with U.S. regulators to raise up to $100 million through an initial public offering of Class A common stock.
The company is looking to take advantage of the recovery in the U.S. housing market, which has helped competitor Realogy Holdings Corp gain about 60 percent in market value since it went public in a $1.1 billion IPO last October.
Denver, Colorado-based Re/Max operates through a network of agents and franchises and had about 92,000 agents in 95 countries as of July 31, according to the IPO filing.()
The company recorded revenue of $78.3 million for the six months ended June 30.
Existing home sale transactions are expected to rise an aggregate of 8.3 percent in 2013, according to data from the National Association of Realtors cited in the filing.
Morgan Stanley, BofA Merrill Lynch and JP Morgan are the underwriters to Re/Max's offering.
The company was founded in 1973 by Dave Linger and Gail Liniger, who currently serve on the board as chairman and vice chairman.
Re/Max said it would use some of the proceeds from the offering to acquire regional franchise rights in Southwest and Central Atlantic United States.
The filing did not say how many shares the company plans to sell or their expected price.
Re/Max intends to list its Class A shares on the New York Stock Exchange under the symbol "RMAX".
The amount a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.
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