RE/MAX rides housing upswing to public offering
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.