RE/MAX Holdings, Inc. has completed its initial public offering of 11,500,000 shares of Class A common stock at $22.00 per share, including the full exercise of the option to purchase 1,500,000 additional shares granted to the underwriters. The Company’s Class A common stock began trading on the New York Stock Exchange under the symbol “RMAX” on October 2, 2013.
Net proceeds received by the Company from the sale of 11,500,000 shares of Class A common stock were approximately $225 million after deducting underwriting discounts and commissions and estimated offering expenses.
The company used the net proceeds from the offering to reacquire regional RE/MAX franchise rights in the Southwest and Central Atlantic regions of the U.S., redeem preferred membership interests and to repurchase ownership stakes from existing shareholders.
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