Hoping to benefit from a improvement in the U.S. housing market, Re/Max Holdings Inc. has filed with U.S. regulators to raise up to $100 million through an initial public offering of Class A common stock.
Denver, Colorado-based Re/Max operates through a network of agents and franchises and had about 92,000 agents in 95 countries as of July 31, according to the IPO filing. The company recorded revenue of $78.3 million for the six months ended June 30.
Existing home sale transactions are expected to rise an aggregate of 8.3 percent in 2013, according to data from the National Association of Realtors cited in the filing.
Morgan Stanley, BofA Merrill Lynch and JP Morgan are the underwriters to Re/Max's offering.
The company was founded in 1973 by Dave Linger and Gail Liniger, who currently serve on the board as chairman and vice chairman.
Re/Max said it would use some of the proceeds from the offering to acquire regional franchise rights in Southwest and Central Atlantic United States.
Re/Max intends to list its Class A shares on the New York Stock Exchange under the symbol “RMAX”. The filing did not say how many shares the company plans to sell or their expected price.
