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Re/Max Files For $100M IPO

Originally published at www.seclive.com

Re/Max Holdings Inc. (NYSE:RMAX) has filed for a $100M IPO, according to an S-1 registration statement filed with the SEC. The company did not disclose the number of shares or the proposed price range of its stock. Re/Max is trying to capitalize on a recovering economy, specifically on signs of a recovering housing market, as it has watched competitor Realogy Holdings gain 60% in market value since its IPO in October 2012. Re/Max, which employs 92,000 agents in 95 countries reported revenues of $78.3M in the first half of 2013. Joint bookrunners to the offering are JPMorgan, Morgan Stanley, and Bank of America Merrill Lynch. The company intends to use the proceeds from the offering to acquire franchising rights in the Central Atlantic and Southwest regions of the United States.

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