Re/Max sharply higher in opening trades

|By:, SA News Editor

The franchisor of real estate brokerages opens for trade around $26, up 18% from the IPO pricing of $22 per share - itself higher than the expected range of $19-21.

ReMax (RMAX) is a direct competitor to Realogy (RLGY -0.2%) - which is up 29% since going public one year ago. The owners of Re/Max have also no doubt observed the fast upward action of online real estate players Trulia (TRLA +4.6%) and ZIllow (Z +3.7%).