May 21, 2018

RE/MAX’s IPO Topping Expectations

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RE/MAX’s IPO Topping Expectations

RE/MAX Holdings Inc. debuts on the New York Stock Exchange Wednesday and is showing a better-than-expected demand for its initial public offering -- “a sign that stock investors remain keen on certain housing-recovery bets,” The Wall Street Journal reports. 

RE/MAX will be selling 10 million shares and has set its price at $22 a piece, The Wall Street Journal reports. The cost per share is higher than original company projections of $19 to $21. As such, RE/MAX could potentially raise $220 million with its IPO. 

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

Empire State Realty Trust -- the owner of the Empire State Building -- also recently announced plans for its IPO debut, with plans to raise about $1 billion with an IPO of 71.5 million shares. The shares, which will be traded under the symbol “ESRT,” are to be priced at $13 to $15. 

Housing stocks continue to be strong performers in the stock market. Realogy Holdings Corp. has seen its shares soar 62 percent since its October 2012 IPO. 

Source: “Brokerage Franchisor Re/Max's $220 Million IPO Prices Above Expectations,” The Wall Street Journal (Oct. 1, 2013) and “Empire State Realty, RE/MAX Holdings Set for IPOs,” Investor’s Business Daily (Oct. 1, 2013)

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