RE/MAX, one of the world’s leading franchisors of real estate brokerage services, today announced it has filed with the U.S. Securities and Exchange Commission to raise up to $100 million through an initial public offering of Class A common stock. The company intends to trade on the New York Stock Exchange under the symbol “RMAX,” according to published reports.
The filing did not indicate the timing, number of shares to be offered or the price range for the offering. Morgan Stanley, BofA Merrill Lynch and J.P. Morgan will act as joint book-running managers for the offering. Perella Weinberg Partners is acting as advisor to RE/MAX.
“Our company is built on the strength of individual entrepreneurship and innovation,” RE/MAX Chairman and Co-founder Dave Liniger recently remarked in RISMedia’s Real Estate magazine’s upcoming September issue cover story about the firm. “Gail (Liniger) and I realized in the beginning that we would succeed only if our agents succeeded. A lot has changed in 40 years, and we’ve evolved with shifts in the industry, but what hasn’t changed is our core principle: attracting the best agents and then supporting them so they can deliver outstanding results to their clients.”
As of July 31, the Denver, Colorado-based company reports operating 6,384 offices in 95 countries with 92,239 agents. Reported profits as of that date were published as $33 million on revenue of $143.6 million last year. RE/MAX’s net income was $24.2 million on revenue of $138.3 million in 2011, according to the Denver Business Journal (DBJ). RE/MAX recorded revenue of $78.3 million for the six months ended June 30.
The company reported selling 739 franchises last year and predicts franchise sales will increase as the housing market continues to recover. RE/MAX has experienced continued growth, expanding into China and Hong Kong last year and into South Korea earlier this year.
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