RE/MAX announced an initial public offering of 10 million shares Thursday, with the stock likely to price between $19 and $21.
The company plans to use net proceeds from the offering to reacquire regional RE/MAX franchise rights in select markets, redeem preferred membership interests and to repurchase ownership stakes from existing shareholders.
Additionally, the company was added to the New York Stock Exchange under the symbol RMAX.
As previously covered in HousingWire, "RE/MAX going public means that the market has turned around and the company sees it as a reality," explained Brendon DeSimone, a national real estate expert and broker, who follows the space closely.
