The Denver-based real estate brokerage boasts a franchise network of over 90,000 agents, spread over 6,300 offices in more than 90 countries.
A regulatory filing today revealed Re/Max’s plans to sell 10 million of its Class A common stock for $19 to $21 each in the offering. At an IPO price of $20 per share, Re/Max will net $177 million. However, because the IPO’s underwriters have the option to purchase additional shares, the offering could total $205.2 million.
Many US housing market analysts view Re/Max’s planned IPO as a sign of the growing strength of the American market.
Realogy, a key competitor, went public in October 2012 in a $1.1 billion IPO and has seen its market value rise by 60 percent since then. The New Jersey-based company owns well-known brands like Sotheby’s International Realty, Century 21, Coldwell Banker and Corcoran. On September 18th, Realogy stock price closed at $45.47 and had a one year target estimate of $54.00 according to Yahoo Finance.
Competing US online listing giants Trulia and Zillow have also gone public in the last three years, in September 2012 and July 2011, respectively.
Re/Max will be traded on the New York Stock Exchange under the symbol RMAX. The brokerage reported revenue of $143.7 million and a net income of $18 million in 2012.
Photo: Mark Turnauckas
