Tags: IPO | ReMax | housing | recovery

Re/Max Brokerage Files to Raise as Much as $241.5 Million in IPO

Thursday, 19 Sep 2013 10:48 AM

Re/Max Holdings Inc., a franchiser of real estate brokerages, filed to raise as much as $241.5 million in a U.S. initial public offering as the property market rebounds and shares of housing-services companies surge.

Re/Max, based in Denver, plans to sell 10 million shares for $19 to $21 each, according to a regulatory filing. The total amount, which includes overalottment options, was increased from an initial target of as much as $100 million.

The U.S. housing market’s recovery from the worst crash since the 1930s is bolstering shares of companies that make money from home sales and searches. Realogy Holdings Corp., the Madison, New Jersey-based owner of the Century 21 and Coldwell Banker brands, raised $1.08 billion in an IPO last October. The shares have climbed about 70 percent since they started trading.

Homebuilder shares jumped the most in two months yesterday after the Federal Reserve unexpectedly said it plans to continue $85 billion of monthly bond purchases to keep interest rates low. The 11-member Standard & Poor’s Supercomposite Homebuilding Index gained 6 percent at the close, the biggest increase since July 11.

Re/Max, which reported revenue of $143.7 million for 2012, plans to list the shares on the New York Stock Exchange under the symbol RMAX. The company’s 6,300 offices are owned by agents or franchisees, according to an Aug. 19 filing.

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Re/Max Holdings Inc., a franchiser of real estate brokerages, filed to raise as much as $241.5 million in a U.S. initial public offering as the property market rebounds and shares of housing-services companies surge.
IPO,ReMax,housing,recovery
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2013-48-19
Thursday, 19 Sep 2013 10:48 AM
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