RE/MAX Holdings, one of the world’s largest real estate brokerages, announced that it plans to raise $100 million for an initial public offering. The announcement comes on the heels of RE/MAX rival Realogy Holdings — which operates Century 21 and Coldwell Banker — filing for a $1 billion IPO. Both brokerages are aiming to take advantage of a recovering housing market.
RE/MAX has been a private company since its inception 40 years ago. The company has been posting healthy profits as the housing market heats up, earning $33.3 million in 2012. RE/MAX brought in $15 million in the first six months of this year — an 8.7 percent increase from the same time period last year.
The company also has been increasing its employee base: It now has 91,809 agents nationwide, the highest number of employees in three years at the brokerage.
RE/MAX will trade on the New York Stock Exchange under the ticker symbol RMAX.
Source: “RE/MAX Files for IPO as Housing Market Continues Upswing,” The New York Times