Colorado-based real estate firm Re/Max Holdings Inc filed with US regulators to raise funds through an initial public offering. The company filing showed it intended to gather up to USD 100 million in the IPO by offering its Class A common stock. Re/Max also said some of money that will be raised from the IPO would be used for expansion. The firm said it plans to buy regional franchise rights in Central Atlantic and Southwest US. The filing, however, did not reveal how many shares will be offered or what the price per share will be. Re/Max also plans to list its shares under the ticker "RMAX" in the New York Stock Exchange.
Re/Max posted a USD 78.3 million revenue for the first half of the year ending in June 30. Reuters reported that the IPO would be one way for the real estate company to benefit from the US housing market recovery. Its competitor, Realogy Holdings Corp, went public last October. After its USD 1.1 billion IPO, its market value gained an estimated 60%, Reuters reported.
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