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Re/Max Raises $220M In IPO

|Includes:RE/MAX Holdings, Inc. (RMAX)

Originally published at www.seclive.com

Re/Max Holdings Inc. (NYSE:RMAX), as previously reported in Filings Digest August 19, 2013, filed for an IPO and just recently made its offering. The company, which originally estimated it would raise $100M, sold 10 million shares for $22.00 each, priced above its $19.00 to $21.00 price range. Re/Max intends to use the proceeds from the offering to reacquire some franchises in the Southwest and Mid-Atlantic regions of the U.S. The company has been on an upward trend, battling from a $2.75M loss in 2010 to earnings of $24.2M in 2011, and $33.3M in earnings last year. Home prices have been steadily rising, with some reports showing price increases as much as 12.4%, the most in seven years. Joint bookrunners that helped manage the offering included JPMorgan Chase, Morgan Stanley, and Bank of America.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: RMAX