RE/Max's IPO could raise $214 million
Last Updated: 15:37 September 19, 2013
The Denver-based real estate company said it would offer 10 million shares of stock for a price of $19 to $21. The company plans to use proceeds to buy back regional Re/Max franchise rights in certain markets, according to a press release. The company said it also planned to repurchase ownership stakes from existing shareholders.
In Boulder, Re/Max of Boulder Inc. at 2425 Canyon Blvd. was the largest residential real estate brokerage in the country by sales volume in 2012, reporting $695 million in sales. Re/Max of Boulder opened a second office at 1320 Pearl St. in April, which operates together with the Canyon Boulevard location but is considered a separate franchise.
Re/Max of Boulder co-owner Tom Kalinski was not immediately available for comment about how the IPO might affect the two offices it Boulder, which have 105 licensed agents.
Re/Max has several other office franchises in Boulder and Broomfield countiesl.
Re/Max plans to trade its stock on the New York Stock Exchange under the ticker symbol RMAX. The company originally said the offering was expected to raise $100 million. High interest in the stock offering, apparently driven by recovery in the real estate market, raised estimates on the potential price per share of stock.
Re/Max has more than 90,000 agents operating in more than 90 countries, according to a press release.
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