RE/MAX rides housing upswing to public offeringAugust 20, 2013 @ 8:48 am
RE/MAX Holdings, one of the world's largest real estate brokerages, announced 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 earned $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.
RE/MAX will trade on the New York Stock Exchange under the ticker symbol RMAX.
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