Saturday
October 25, 2014

RE/MAX Files for $100 Million IPO

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RE/MAX Files for $100 Million IPO

RE/MAX Holdings, one of the world’s largest real estate brokerages, announced Monday that it plans to raise $100 million for an initial public offering. The announcement comes on the heels of RE/MAX rival Realogy Holdings — which operates Century 21 and Coldwell Banker — filing for a $1 billion IPO. Both brokerages are aiming to take advantage of a recovering housing market. 

RE/MAX has been a private company since its inception 40 years ago. The company has been posting healthy profits as the housing market heats up, earning $33.3 million in 2012. RE/MAX brought in $15 million in the first six months of this year — an 8.7 percent increase from the same time period last year. 

The company also has been increasing its employee base: It now has 91,809 agents nationwide, the highest number of employees in three years at the brokerage. 

RE/MAX will trade on the New York Stock Exchange under the ticker symbol RMAX. 

Source: “RE/MAX Files for IPO as Housing Market Continues Upswing,” The New York Times (Aug. 19, 2013)

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