Re/Max Holdings Real Estate Brokerage Files for U.S. IPO
by Mohammed Hadi & Elizabeth Dexheimer
Re/Max Holdings Inc., a franchiser of real estate brokerages, filed for a U.S. initial public offering as the nation’s property market rebounds and shares of housing-services companies surge.
Re/Max, a Denver-based company that has more than 92,000 real estate agents globally, filed to raise as much as $100 million, according to a regulatory filing today. The amount is a placeholder that will probably change. The number of shares and price range haven’t been determined, Re/Max said.
The U.S. housing market’s recovery from the worst crash since the 1930s is bolstering shares of companies that make money from home sales and searches. Realogy Holdings Corp. (RLGY), the Madison, New Jersey-based owner of the Century 21 and Coldwell Banker brands, raised $1.08 billion in an October IPO. The shares have climbed about 60 percent since they started trading.
Shares of Zillow Inc. (Z), operator of the largest real estate information website, have more than tripled this year. The company went public in July 2011. Trulia Inc. (TRLA), the San Francisco-based residential-property listings website, went public in September at $17 a share and has gained about 170 percent in 2013.
For complete article, CLICK HERE <————=============