Aug 19 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
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.