RE/MAX Holdings, Inc., recently announced that it has commenced an initial public offering of 10 million shares. While the initial public offering price is currently expected to be between $19.00 and $21.00 per Class A common share, RE/MAX expects these shares will net at least $177 million.
The company, one of the world’s leading franchisors of real estate brokerage services with more than 90,000 agents stretching across 90 countries, expects to grant the underwriters a 30-day option to purchase up to 1.5 million Class A common shares to cover over-allotments, if any.
The company has applied to list its Class A common shares on the New York Stock Exchange under the symbol “RMAX.”
The company currently owns the right to sell brokerage franchises in 10 of its 32 franchise regions, and intends to use the net proceeds from the offering to reacquire regional RE/MAX franchise rights in select markets, redeem preferred membership interests and to repurchase ownership stakes from existing shareholders, as well as use cash to repurchase ownership stakes and redeem membership interests.
For more information, visit remax.com
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